Notes on clauses-Miscellaneous

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..... opment) Act, 1974 so as to levy cess at the rate of twenty per cent. ad valorem instead of the present rate of ₹ 4500 per tonne, on domestically produced crude oil. Clause 223 of the Bill seeks to amend sections 2A, 3 and 12 of the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976. The aforesaid sections, inter alia, provides for establishment of Appellate Tribunal for hearing appeals against the orders made under the aforesaid Act. Clause 224 of the Bill seeks to amend sections 68B, 68N and section 76 of the Narcotic Drugs and Psychotropic Substances Act, 1985. The aforesaid sections, inter alia, provides for establishment of Appellate Tribunal for hearing appeals against the orders made under the aforesa .....

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..... rst Schedule to the Central Excise Tariff Act, 1985; (b) in the manner specified in the Thirteenth Schedule to harmonise it with the proposed amendments in the First Schedule to the Central Excise Tariff Act, 1985. The amendment shall come into force on the 1st day of January, 2017. Clause 229 seeks to amend the prevention of Money- Laundering Act, 2002. It is proposed to amend the aforesaid Act so as to confer powers upon the Appellate Tribunal established under the said Act to hear appeals against orders made under the Narcotic Drugs and Psychotropic Substances Act, 1985 and the Prevention of Money-laundering Act, 2002 and certain consequential amendments. Clause 230 of the Bill seeks to amend section 98 of the Finance (No.2) Act, 2004 re .....

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..... herein that notwithstanding the nominal value of share capital of a company exceeding one-half per cent. at the time of making contributions such company shall not be deemed to be a foreign source, if the foreign investment is within the limit specified under the Foreign Exchange Management Act, 1999 or the rules or regulations made thereunder. Clause 234 of the Bill seeks to amend the Finance Act, 2013 relating to commodities transaction tax. The provisions of the said Chapter, inter alia, provides for chargeability of tax on taxable commodities transactions. It is proposed to amend the said Chapter so as to provide that the provisions of chapter VIII shall not apply to taxable commodities transactions entered into by any person on a recog .....

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