Global
BUSINESS OPPORTUNITIES
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UAE
Machinery for manufacturing steel pipes Super Engineering Industry LLC Mr. Nisar Ahmed, MD Abu Dhabi Email: supereng@emirates.net.ae
Organic food products Mr. Reem Ali Email:reem042001@yahoo.com
Tyre/tube Technology of Trade LLC Mr. Serdar Kaya PO Box No. 45481, Abu Dhabi Email: serdar@t-sqr.com Tel: 050 3112819 Fax: 08 4280225
GRC panels Sahel Al-Jabal Gen. Trading Co LLC Mr. Nasir M Khan, MD PO Box No. 181210, Dubai Tel: 04 2725130; Fax: 04 2736050 Email:sahelaljabal@yahoo.com
Manhole cover B.M. Al Quebaisy Tech. Sup. Co. LLC Mr. Shajeeb PO Box No. 33160, Abu Dhabi Email: bmqsco@gmail.com Tel: 02 5548641; Fax: 02 5548642
Hand embroidered product as per sample Ms. Jennie Hill, Abu Dhabi Email: jenniejhill@gmail.com |
ISRAEL
Looking for builders and bridge construction companies or companies dealing with chemical admixture for concrete Hynon Limited A Niche Business Development company Mr. Daniel Homayonfar Tel: 972-77-5230623, Fax: 972-3-5585052 Cell: 972-52-3548707 E-Mail: info@hynon.com; hynon@gmail.com Website: www.hynon.com
Import of car accessories, racing seats, auto-gauges, steering wheel, air filters, shift-cover, strut-bar, gear shift-cover, racing parts Mr. Nissan Bachar Cell: 972-57-7281182 Fax: 972-3-9582492 E-Mail: nissan158@gmail.com Looking for manufacturers of jewellery such as earrings; hair clips; bracelets; key chains; necklace, etc. made of silver 925, gold, rhodium and alloys.
MEI International Industries Development Y.P.Ltd. Mr. Hezi Petel, President & CEO Cell: 972-52-2928825 Fax: 972-3-6956263 Email: mei_ltd@netvision.net.il; info@mei-international.com
SLP, manufacturer of sleep lab sensors, is looking for distributors SLP Mr. David Vermeiren, Director of Marketing and Sales, EMEA, Cell: 972-54-6607481 E-mail: david@slp-med.com Website: www.slp-med.com Looking for Indian manufacturers of steel profiles, steel cables and bolts M.Cohen Metal Industries Limited Mr. Avi Mekies, Purchasing Manager E-Mail: avi@azrom.com |
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From the Archives Waiver of Stamp Duty on Export Usance Bills
Department of Revenue had issued the following order on 8th July, 2004
Order: STAMPS
s.o. 804(e). In exercise of the powers conferred by clause (a) of sub-section (1) of section 9 of the Indian stamp Act, 1899 (2 of 1899), the Central Government, with effect from 8th July, 2004 remits the whole amount of stamp duty chargeable on usance bills of exchange executed by an exporter in relation to an export transaction..
Explanation: For the purpose of this notification, the terms, ‘export’ and ‘exporter’ shall have the meaning assigned to them respectively in clause (18) and clause (20) of section 2 of the Customs Act, 1962(52 of 1962). F.No. 33/45/2003-ST
Sd/ Dinesh Kapila Under Secretary to GOI
Earlier, the export usance bills (also falling in the category of a bill exchange) beyond 90 days were subject to Stamp Duty, uniformly levied in all parts of the country by Public Sector Banks and others, as per the Indian Stamp Act, 1899 at the following stab rates:
Upto 90 days usance bill - no foreign bill stamp duty required.
Above 90 days upto 180 days - two slabs
Slab 1- Above 90 days and upto 180 days, if the bill is negotiated by bank, foreign bill stamp duty @ Re.1 per Rs.1000/- has to be affixed on the back of the bill.
Slab 2 - If the bill is drawn for more than 90 days and sent on collection basis, stamps @ Rs. 2.50 per Rs.1000/- have to be affixed on the back of the bill.
Above application of Stamp Duty was adding an average of 0.2%.extra cost to exports. FIEO took up the matter with the Ministry of Finance, RBI and Indian Bank Association several times and finally a waiver was granted for usance bills of exchange.
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