PART-1

EDITORIAL
The Union Budget 2011-12 has not created any excitement for steel industry. However it has allayed the apprehension of excise duty hike by withdrawing stimulus package. The secondary steel sector welcomes the decision of withdrawing exemption of excise duty for SSI Units, and units located in tax free zones. Induction furnace industry is pleading since long to bring SSI units into the ambit of excise duty. Due to non inclusion of such units, where steel scraps are generated, under the excise network, induction furnace units can not claim CENVAT Credit on steel products manufactured by recycling of steel melting scraps procured from SSI units and other sectors which enjoy the exemption from payment of excise duty. By bringing such units under excise network the continuity of the tax chain will be maintained and large scale malpractices would be checked. In this year budget a large number of exemptions have already been withdrawn and excise duty levy of 1% has been introduced on certain goods. However manufacturers have been given an option to either pay 1% duty without availing input credit or pay 5% duty and avail of credit of input taxes on goods and services. But the induction furnace industry is not quite happy with this. They want that full 10% duty should be levied so that induction furnace units can avail full CENVAT Credit on steel melting scrap procured from such SSI units. Moreover introducing such duty structure could lead to potential ambiguity on the applicable rate of Counter Vailing Duty which is equivalent to Excise Duty, when such goods are imported for the purpose of sale in India.

This years Budget aims at maintaining a sustainable economic growth. The indirect tax proposals primarily focused on driving the current legislation towards the proposed Goods and Services Tax regime. In the wish list of induction furnace industry in its pre-budget memorandum, besides demanding deemed duty paid on steel melting scrap for availing CENVAT Credit, another demand was for introducing compounded levy scheme on the basis of power consumption. Till GST is rolled out, for a hassle free assessment and collection of excise duty it is suggested that excise duty should be levied on the basis of quantum of electricity consumption for production of per tonne of steel by induction furnace unit. In fact this concept has been introduced by the central excise department itself. To check duty evasion, the department started assessing the duty on the basis of an assumed norm of power consumption for producing per tonne of steel. However the norm adopted was purely theoretical and highly debatable. Following the principle adopted by the excise department, industry suggested this method of assessing the duty. In this process the excise duty will be determined from the electricity bill. Presently the fool proof metering system has allayed the apprehension of power theft. Industry was disappointed for not introducing this proposal of compounded levy in the budget. In fact in this years Union Budget Steel has not drawn the attention of Finance Minister.

ISSUE NO. 02 VOL. IX INDUCTION FURNACE NEWS LETTER 16-03-2011 to 31-03-2011

MEMBERS INFORMATION

GENERAL

REPORT OF THE SILVER JUBILEE CELEBRATIONS

All India Induction Furnaces Association (AIIFA) having completed 25 years of its eventful journey has celebrated its Silver Jubilee celebrations on 14th March 2011 at New Delhi. On the eve of the Silver Jubilee, AIIFA organized a Cultural programme, Cocktail and Dinner at Safdarjung Club, New Delhi. Sh. J S Brar, Member AICC was the Chief Guest. Sh. K.K. Garg, President of AIIFA welcomed the Chief Guest by presenting a flower bouquet. The Chief Guest and the invitees was enthralled with the performance of the Cultural programme and appreciated the hospitality arrangements made by the Association. The main Silver Jubilee celebrations were held at Hyatt Regency, New Delhi on 14th March 2011. Sh. Naveen Jindal, Member of Parliament & Executive Vice-Chairman & MD, JSPL was the Chief Guest. Sh. Jindal in his address briefly highlighted the contribution and the significant role the Induction Furnace industry of the country is playing in the domestic Steel sector. He mentioned that besides its low investment for setting up the production unit and locational advantage, being mainly a recycling route of making steel. This industry is conserving the precious mineral resources of iron ore and coking coal. He emphasized the need of R&D intervention by the Government for this important sector of steel making is necessary for widening the application base of products manufactured by the Induction Furnace industries.
Sh. J S Brar, Member, AICWC, Guest of Honour, Sh. K.K. Garg, President & Sh. Naveen Jindal, Chief Guest during the inaugural function

Sh. Manish Tewari, M.P., Guest of Honour releasing the Souvenir 2011

Sh. K.K. Garg, President AIIFA presenting a memento to Sh. Naveen Jindal, M.P. Chief Guest.

Sh. K.K. Garg, President in his address highlighted the challenges the Secondary Steel sector is being facing which is
ISSUE NO. 02 VOL. IX INDUCTION FURNACE NEWS LETTER 16-03-2011 to 31-03-2011 6

impeding the growth of this sector which has a very indispensible role in taking the domestic steel industry for further growth. He briefly mentioned the problems related to Excise & Customs. Regarding the Excise duty, he mentioned that Government should sympathetically consider our just-long standing demand for allowing the CENVAT Credit on steel scrap by making this important input material procured from open market deemed as duty paid. This will not only reduce the malpractices, it will increase the collection of revenue through excise duty significantly. Another point he mentioned that the Customs duty on import of scrap, when the industry imports steel scrap a CVD @ 10.3% and ACD @ 4% charged which is Cenvatable but the excise duty payable on our finished product i.e. steel ingots is 10.3% only. Thus, the CENVAT credit is more than the outgo of excise duty which are left with unutilized CENVAT amount. Even the department ask to pay excise duty in PLA by cash. This additional custom duty (ACD) is in lieu of VAT but the traders can get refund of this in cash and not the manufacturers, we urge the government that there should not be any ACD applicable to the actual users/manufacturers. He also mentioned that assessment of Excise duty for Induction Furnace industry could be made very simple by doing the same by linking production with consumption of Electricity by working out a realistic norm for deciding the quantum of electricity consumption for producing per tonne of steel. This process will make the collection and assessment of duty hasslefree, relieving the industry from the harassment by the field staff of the excise department. It will also increase the revenue from the Secondary steel sector. Sh. Manish Tewari, Member of Parliament and Spokesperson of AICC is the Guest of

Honour. He expressed in his address that he has gathered various points from the Presidential speech and realizing that this is a very important sector of Steel segments and its significant contributions in enhancing the Steel production and consumption in the country and he will taking up the issue with the finance ministry for redressal of grievances. Sh. J S Brar, Member AICWC Guest of Honour stated in his address that after being acquainted with the problems and prospects of the Secondary Steel sector as highlighted in the Presidential address he will put endeavour to see that the Central Government take necessary remedial action and he also offered that he will go even upto the Prime Minister of India for sorting out the critical issues of this industry which required immediate attention. Nearly 200 participants attended the inaugural function of the Silver Jubilee celebrations. The members of AIIFA hailing from almost all parts of India attended the programme. After the inaugural session, an Open Interactive Seminar on An Insight into Quality Steel making through Induction Melting Furnaces was held. Participants very actively joined in the Interactive Seminar and the deliberation was extremely helpful and informative giving lot of technical information to the participants. In the Interactive Meeting following 6 numbers of Technical papers were presented under the Chairmanship of Mr. Jitendra Singh, Former President of the Association.
Advantages of Gas based HBI/DRI in Induction Furnace Steel making by M/s Welspun Max Steel Ltd., Mumbai Recycling of Metals - Sustainable Development Makes Good
7

ISSUE NO. 02 VOL. IX INDUCTION FURNACE NEWS LETTER 16-03-2011 to 31-03-2011

Business Sense Too by Mr. L. Pugazhenthy, ED, ILZDA Energy Conservation & Quality Control in large Capacity Induction Furnaces, by M/s Electrotherm India Ltd., Ahmedabad Energy Exchange benefits to IF industry by Mr. Jayant Deo, CEO, M/s IEX Ltd., New Delhi Use of Bottom Pouring Compound in Induction Melting Furnaces by Mr. Kanishk Jain, M/s Saru Aikoh Chemicals Ltd., Meerut Quality Billet making by the latest design Continuous Billet Casting Machine by Mr. Lokendra Singh, M/s Goldwin Tracon (P) Ltd., Mumbai

Exemption limit for the general category of individual taxpayers enhanced from Rs. 1,60,000 to Rs. 1,80,000 giving uniform tax relief of Rs.2,000. For senior citizens, limits raised from Rs.2.4 lakh to Rs.2.5 lakh. Age limit for senior citizens lowered from 65 to 60. New category of very senior citizens (80 years and above) announced who would be tax free up to Rs. 5 lakh. An 18.5 per cent alternate minimum tax has been imposed for limited liability partnership companies.

II.

Indirect Taxes: Excise and Service Tax

On this occasion units which have performed and achieved excellence in the areas of Production, Productivity, Quality and Overall business entrepreneurs was awarded with the Prestigious Dhatu Nayak & Ispat Udyog Ratan Awards. The following member-units have given the awards with citations.
1.

Optional excise levy on branded garments or made ups proposed to be converted into a mandatory levy at unified rate of 10 per cent. Individual and sole proprietor assessees with a turnover upto Rs. 60 lakhs shall not be subject to service tax audit. Interest rate for all service tax assessees (including firms and corporates) up to a turnover of Rs. 60 lakhs shall be 3% less than the prescribed rate. The period for making the payment in order to avail the benefit of reduced penalty under the second proviso to section 78 shall be 90 days for the above mentioned service tax assessees.

III.

Finance

M/s Sri Krishna Alloys, Salem (T.N.) M/s Paul Steels (P) Ltd., Ludhiana M/s Vimal Alloys (P) Ltd., Mandi Gobindgarh M/s Renny Steel Castings (P) Ltd., Ludhiana M/s B.P. Alloys Limited, Ludhiana M/s Sharu Steels Limited, Ludhiana M/s Mukesh Steels Limited, Ludhiana M/s BDG Metals & Power Limited, Kolkata (Ispat Udyog)

2. 3. 4. 5. 6. 7. 8.

Rs.5,000 crore to be provided to SIDBI for refinancing incremental lending by banks to these enterprises. Rs. 3,000 crore to be provided to NABARD to provide support to handloom weaver co-operative societies which have become financially unviable due to non-repayment of debt by handloom weavers facing economic stress. Public sector banks to achieve a target of 15 per cent as outstanding loans to minority communities under priority sector lending at the earliest. India Microfinance Equity Fund of Rs.100 crore to be created with SIDBI. Government considering putting in place appropriate regulatory framework to protect the interest of small borrowers.

The event concluded by presenting Memento to dignitaries and authors of technical articles.

GLEANINGS PRESS

FROM

THE

Japanese tsunami could steel price volatility

aggravate

I.

Provisions in the Union Budget 201112 - Impacting Micro, Small and Medium Enterprises
Direct Taxes - Income and Corporate Tax

In addition to gamut of factors adding fuel to the steel price volatility, damage to facilities of Japanese steel majors would probably add another dimension to the global steel price scenario. Although, the extant of damage is not yet known, it is likely that raw materials like iron ore and coking coal markets could have extra volumes available putting down ward pressure on spot 8

ISSUE NO. 02 VOL. IX INDUCTION FURNACE NEWS LETTER 16-03-2011 to 31-03-2011

prices in short term. How all these developments affect domestic prices in India in coming times? If steel prices determine the health of your business, we recommend you to join our upcoming event. You will also get to meet and network with hundreds of steel buyers and sellers. SteelGuru and IPFonline are organizing Indian Steel Markets 2011 Conference on 15-16 March 2011 at Hotel Leela Kempinski in Gurgaon NCR Delhi, where Industry experts from Brazil, Russia, India and China (BRIC) would dwell in depth on the demand drivers as well as the likely scenario. It would help you to understand the dynamics underlining the pricing dynamics in Indian scenario amid global forces.

industries have either postponed or cancelled their capacity expansions.

ISSF announces global stainless steel output figure for 2010

According to International Stainless Steel Forum, the global stainless steel melting activities have increased by 24.9% to a new record high of 30.7 million tonnes. This came after 3 years of declining stainless steel production driven by stock cycles and global economic crises. The strong recovery of the global stainless steel production has several reasons like economic recovery, strong end use demand, re stocking at service centers and fabricators and also the re filling of the internal supply chain in the stainless steel mills which alone can count for half a million tonnes. Stainless steel melting in Asia (without China) has increased by 20.8% to 8.6 million tonnes. Japan increased its stainless production by 31.5% to 3.4 million tonnes thus partially compensating for heavy losses in previous years. Korea (+22.1%) and India (+17.6%) also achieved clear two digit growth rates while Taiwan (+3.2%) at the same time was flat. Even during the past years of global economic crisis, China was the driving force in stainless crude steel production and the country added another 27.8% production growth in 2010 almost 11.3 million tonnes. All Asian stainless steel producers now cover 65% of the entire worlds stainless steel production. The next biggest producing area Western Europe plus Africa has reported an increase of stainless steel production by 22.1% and thus achieving a volume of slightly less than 7.9 million tonnes in 2010. All countries of this area, except South Africa, contributed significantly to this growth. The growth rates of the major producing countries ranged from +14% to +37%. The Americas grew their stainless crude steel melting by 34.4% to 2.6 million tonnes while Central and Eastern Europe's production achieved a clearly over proportional increase of 43.6%, bringing this area to 0.3 million tonnes, still almost negligible in global context. Global Stainless and Heat Resisting Crude Steel Production FY FY Chang FY '10 Chan Region '08 '09 e (P) ge Western 8,272 6,449 -22 7,871 22.1 Europe/Africa Central/Eastern 333 237 -29 340 43.6 Europe The Americas 2,315 1,942 -16 2,609 34.4 Asia w/o China 8,068 7,130 -12 8,611 20.8 9

Falling industrial production halts fresh investments - ASSOCHAM

Amid reports of 9% GDP growth expected in the new financial year beginning next month, apex chamber ASSOCHAM today warned about sliding industrial production due to rising fuel and other input costs. Official data shows that growth of industrial sector fell to 6.4% in third quarter of current fiscal (October to December 2010-11) from 8.9% in second quarter. It was 11.3% in the first (April to June). The Association Chambers of Commerce and Industry of India said that performance of capital goods sector reflects future industrial growth prospects. It tumbled from 36.3% in first quarter to 21.3% in second and 6.9% in third. Mr Dilip Modi president of chamber said that The governments objective of raising industrial sectors contribution to GDP from current level of 16% to 25% seems very ambitious at the moment. The short to medium term outlook is now a matter of concern. Declining industrial growth directly affects overall output and employment scenario besides aggravating supply side shortfalls. ASSOCHAM urged the government to closely assess the situation and pay focused attention to fix the problem. Production trends of consumer non durable goods present another growth challenge. The sector registered minus 1.9% performance in third quarter of current fiscal compared to 1.5% growth in second quarter and 2.6% in first. Mr Modi said that This works against inflationary control measures of policymakers. There has been a steady rise in input costs due to unabated increase in prices of primary articles and fuel. There has been no corresponding increase in prices of manufactured goods as shown by skewed growth in whole price index constituents. He said that the resulting pressure on profit margins despite higher turnover leads to a halt in fresh investments. Most

ISSUE NO. 02 VOL. IX INDUCTION FURNACE NEWS LETTER 16-03-2011 to 31-03-2011

China Total World

6,943 8,805 26.8 11,256 27.8 25,93 24,56 -5.3 30,687 24.9 0 2 In '000 tonnes/P Projected

Comparing the performances of the single quarters of 2010 with the same of 2009 show very different growth rates during the year clearly reflecting the improvement of the global development in course of the year 2010 and the heavy re-stocking in the first part of the year. Quarters 1 (+ 57.8%) and 2 (+ 33.1%) were clearly stocking driven compared with the same quarters in 2009, where still depressed business activities in stainless steel were recorded. Quarter 3, however, showed already signs of back to normal with a plus of 5.3%. Quarter 4 finally showed a surprising strong increase of stainless steel production by 14.1% compared to quarter 4 2009 to an all time quarter 4 high. This is partially due to the expected further improvement in the global economy in 2011.

Federation P L Khandoi, who also heads the Kalinga Nagar Industries Association. Other steelmakers who called on the chief minister included Mr Ratan Jindal of JSL Stainless Limited, Mr Neeraj Singhal of Bhusan Steel and Power Limited, Mr HS Sethy of Essar group and Mr Vishal Agarwal of Visa Steel. Of the 50 companies that have inked pacts with the state government to establish steel factories in the state, around 30 have already entered into different stages of production. However, most of these companies have been complaining that private mine owners and OMC are selling iron and chrome ore at exorbitant rates, pushing their units to face closure.

Online trading for steel not welcome -Induction furnace players

Stainless and Heat Resisting Crude Steel Production

Region Western Europe/Africa Central/Eastern Europe The Americas Asia w/o China China Total World Q1 '09 Q1 '10 Change 1,315 2,081 58.2 50 73 46.8 409 728 78 1,289 2,135 65.6 1,769 2,607 47.4 4,832 7,624 57.8 In '000 tonnes

Orissa based steel mills meet CM for iron ore solution

TNN reported that steel makers in Orissa have demanded the state government should ensure raw material availability at a reasonable price. As per report, senior persons from several companies, which have set up shop in the state, met Orissa chief minister Mr Naveen Patnaik and sought redress of their grievances. They complained about problems in accessing iron ore shortage a regulated price and said unless the state government sorted out issues the companies would continue to suffer. The steel companies urged the state government to facilitate lease of iron ore mines to them in tune with the MoUs signed for establishment of steel mills. They even suggested the state government to ban or restrict export of raw materials to other states and abroad. The state government should evolve a mechanism to regulate the rate of iron ore and chrome ore, president of All Orissa Steel

Members of All India Induction Furnace Units gathered Ludhiana on Saturday and decided to raise the issue of closing down of future trading and demanding deemed credit on the steel scrap used by steel manufacturers, in the Silver Jubilee function of the association on March 14 at New Delhi. MD of Sharu Steels and Alloys Mr Keval Krishan Garg who is the president of All India Induction Furnace Association of North India said online trading for steel was not in the interest of manufacturers as it would result in price volatility. He added that ''Through future trading, people who were not steel users were also trading and this is what was resulting in fluctuation of prices on a daily basis, causing damage to industrialists.'' Mr Sandeep Jain chairman of Punjab chapter of AIIFA and owner of Antarctic Industries, said there was no excise on exempted units of bicycle industry and other such small scale industries. He said that ''The duty is already paid on steel from which scrap is generated. Thus, we want a deemed credit on this scrap from the central government. If Goods and Services Tax is introduced at the earliest, there would be no need of any such deemed credit.

Abolition of import duty to lower stainless steel cost in India

ET reported that the abolition of import duty on stainless steel scrap and a cut in the duty on ferronickel will lower production cost for stainless steel, a major metal used in making select consumer goods such as kitchen appliances and cars and in construction. The budget has proposed to cut duty on scrap to 0 from 2.5% and that on ferronickel to 2.5% from 5%. This would translate into a lowering of about USD 40 per tonne to USD 60 a tonne in the 10

ISSUE NO. 02 VOL. IX INDUCTION FURNACE NEWS LETTER 16-03-2011 to 31-03-2011

purchase of raw materials like scrap and ferronickel are critical to the making of stainless steel. Mr Arvind Parakh finance director at Jindal Stainless said that "We expect production cost of making stainless steel to come down by as much as USD 15 per tonne to USD 17 a tonne or about INR 765 a tonne." He however didnt comment on any revision in product prices. In 2010, India imported 283,000 tonnes of scrap of which Jindal Stainlesss share was 40,000 tonnes. In 2011, the country has so far imported 135,000 tonnes of which 25,000 tonnes were by Jindal Stainless. In ferronickel, almost the entire 31,000 tonnes imported into India is consumed by Jindal Stainless. Other companies in this segment include SAILs Salem Steel Plant, Mukand and other medium and small players.

Auto industry welcomes union budget

Dr Pawan Goenka president of SIAM welcomed the Union Budget 2011-12, terming it as a reform oriented budget. Dr Goenka remarked that FM has given a clear message to the industry by announcing setting up of National Mission for Hybrid and Electric Hybrid vehicles. He thanked the Department of Heavy Industry for taking it up on behalf of the industry. He also talked about several fiscal measures for promoting such vehicles including introduction of 10% excise duty for Fuel cell and Hydrogen vehicles, exemption to specified parts from Basic Customs Duty and CVD along with 5% excise duty, etc. which would provide a significant incentive to promote the development, manufacturing and sale of such vehicles in India. Dr Goenka also welcomed that FM has accepted our request of not rolling back the economic stimulus package and maintaining the Central CENVAT rate. The industry, however, was expecting some rationalization of excise duty on larger cars and utility vehicles, at least removal of additional excise duty of INR 15,000 per from such vehicles, which was not announced. He hoped that the implementation of all the measures announced in the Union Budget today would fuel growth of overall economic activity and have a positive impact on the automotive industry. Mr S Sandilya vice president of SIAM added that the increase in flow of money to the rural areas from INR 375,000 crores to INR 475,000 crores would lead to demand creation in rural areas. However, this may also lead to increase in food inflation which one needs to keep a watch on. He added that the FM has also initiated a lot of course corrections, for instance, direct subsidy to Kerosene customers, which would remove a lot of malpractices from the system. Increase in investment in rural warehousing and

encouragement for cold storage facilities is also a welcome move. He also welcomed increased allocation to the National Clean Energy Fund and National Skills Development Fund. The finance minister has talked about several reform initiatives including roadmap for Direct Taxes Code, Constitutional Amendment Bill for Goods & Services Tax which would be tabled in the current session of the Parliament and also, pilot project across 11 states for implementation of IT towards GST introduction. The amendments related to the Finance Sector will help in streamlining operations and boosting the economy. The finance minister has also removed certain anomalies in the excise duty structure, which SIAM has been requesting for removal, like Taxi Refund extended to vehicles with seating capacity up to 13 persons and exemption to factory built ambulances from additional excise duty.

Indian steel companies cheer iron ore export tax hike

India's steel industry cheered the 20% export duty hike on iron ore in the FY12 federal budget that will help contain escalating raw material costs and gave thumbs up to higher infrastructure spends, which will boost steel demand in the country. Mr CS Verma chairman of Steel Authority of India said that "Higher export duty on iron ore has been a long pending demand of the steel industry and the budget has taken care of the issue. Mr H M Nerurkar MD of TATA Steel said The increase in export duty is a step in the right direction but the exemption of duty on pellets also reduces the scope for greater value addition within the country. The value addition at pelletization stage is much less as compared to finished steel stage and aim should be to encourage steel production within the country, which would lead to more jobs, output and value addition within the country. Mr Sajjan Jindal vice CMD of JSW Steel hailing the move said this would lead to greater value addition at home and encourage domestic steel industry. Mr K Ranganath CMD of KIOCL observed that iron ore is a natural resource which needs to be conserved. He said Export of a value added product from iron ore will not only generate value in export but also provides higher scope for employment and generation of wealth in the value added industry. Mr Nittin Johari CFO of Bhushan Steel said that "The increase in export duty on iron ore will increase its availability in the domestic market, thereby stabilizing price and helping domestic steelmakers. Mr Ankit Miglani director at Uttam Galva Steels said that "There is nothing dramatic but there are more positives for the steel sector in this budget than negatives. 11

ISSUE NO. 02 VOL. IX INDUCTION FURNACE NEWS LETTER 16-03-2011 to 31-03-2011

Custom duty on stainless steel scrap made zero

Welcoming the Budget proposal of reducing the custom duty on stainless steel scraps to zero, the industry said that it will make imports cheaper and benefits of it will be passed on to the customers. Mr Pranab Mukherjee finance minister of India, in his Budget, has brought down the custom duty on scraps to zero and kept it at 2.5% on the imports of ferronickel. Mr NC Mathur advisor of JSL Stainless said that "We are happy that our long pending demand has been met this time. This will make our steel products more competitive. This will definitely be passed on to the customers." Mr Mathur added that "benefits of the cheap import will be available by March 2011 end, by then the existing inventory (on which import duty has already been paid) will get cleared." JSL is the largest stainless steel producer in the country and currently has a production capacity of about 720,000 tonnes per annum. State run Steel

Authority of India Limited, which produces about 146,000 tonnes of stainless steel in its Salem plant, also welcomed the move. Mr CS Verma chairman of SAIL said that "The reduction of customs duty on stainless steel scraps and ferronickel is a welcome move as it will make a positive impact and boost the domestic production." Mr YPS Suri, India head of Outokumpu, said that "This will provide an advantage to domestic producers and their operating margins will go up due to zero import duty, while end users will pay lower prices, making their products more competitive." Currently, India is the fourth largest stainless steel producer of the world, with a production of about 2.6 million tonnes of finished steel in 2010. However, usage of scraps in the country in making finished products is only about 12% and it imports about 250,000 tonnes of scraps per annum. On the other hand, the global average is in the range of 30% to 50%. Moreover, the ferronickel imports are only about 30,000 tonnes per annum.

NEW MEMBERS
We are reproducing below the name and address of a new unit, who joined AIIFA recently. The Association is grateful to these organizations for their becoming member of the Association. (i) Name and Address for Correspondence : HIND ALLOYS Village & P.O. Kumbh Amloh Road Mandi Gobindgarh 147 301 (Pb.) Tel: 9815645900/9815835900 Email: hindalloys@aol.in : :

Membership No. Kumar Name of the Chief Executive

756
Mr. Tara Chand Aggarwal, Mr. Ramal

Products made (ii) Name and Address for Correspondence

Directors M.S. Ingots

: A R CASTINGS PVT. LTD. G.T. Road, Sirhind Side R.G. Mill Road, Mandi Gobindgarh 147301 (Punjab) Tel: 01765-256088/256089 Fax: 01765-500589 Email: arcastings@gmail.com ; vickybansal_2001@yahoo.com : : :

Membership No. Name of the Chief Executive Products made (iii) Name and Address for Correspondence

757
Mr. Ashok Kumar, Managing Director
M.S. Ingots/Steel Castings/Alloy Steel ingots

MITHILA MALLEABLES PVT.

LTD.
(Punjab) G.T. Road, Village: Harbanpura, Sirhind 140 406

ISSUE NO. 02 VOL. IX INDUCTION FURNACE NEWS LETTER 16-03-2011 to 31-03-2011

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Telfax: 01763-228989 Mob: 98158 11147 Email: info@mithilamalleables.com Membership No. Name of the Chief Executive Products made : :

758

: Mr. Hardev Singh, Managing Director M.S. Ingots & Steel Castings

PART - 2
INOPERATIVE ACCOUNT UNDER THE EPF SCHEME
Gazette of India Extraordinary-Part II-Section 3 (i) Ministry of Labour & Employment
15.01.2011 [F.
Note: The Employees Provident Funds Scheme, was published in the Gazette of India, vide number S.R.O. 1509, dated the 2nd September 1952 and lastly amended vide number G.S.R. 744 (E), dated the 9 th September 2010.

NOTIFICATION

CUSTOMS CIRCULAR
S-

NO. GSR 25(E) DT. 35012/01/2010-SS-II]

No.

NO. 11/2011-CUSTOMS, DT. 24.02.2011 [F.No. 401/46/2008-Cus.III (Pt)]

G.S.R. 25 (E)-In exercise of the powers conferred by Section 5, read with sub-section (1) of Section 7 of the Employees Provident Funds and Miscellaneous Provisions Act, 1952 ( 19 of 1952) the Central Government hereby make the following Scheme, further to amend the Employees Provident Funds Scheme 1952, namely:This Scheme may be called the Employees Provident Funds (Amendment) Scheme 2011. It shall come into force from the 1st day of April 2011. In the Employees Provident Funds Scheme 1952 (hereinafter referred to as the said scheme) in paragraph 60, after sub-paragraph (5), the following sub-paragraph shall be substituted, namely;(6) Interest, shall not be credited to the account of a member from the date on which it has become Inoperative account, under the provisions of sub-paragraph (6) of paragraph 72. In the said Scheme, in paragraph 72, in subparagraph (6):For the words but no claim has been preferred the words but no application for withdrawal under paragraphs 69 or 70 or transfer, as the case may be has been preferred shall be substituted. For the words three years, at both the places where they occur, the words thirty six months shall be substituted. Sd/(S.K.DEV VERMAN) Joint Secretary

To, All Chief Commissioners of Customs/Customs (Prev.), All Chief Commissioners of Customs & Central Excise, All Commissioners of Customs/Customs (Prev.), All Chief Commissioners of Customs/Central Excise, Refund of 4% CVD (SAD)-Extension of time upto 30th June, 2011 for using re-credited 4% CVD (SAD) amount in DEPB. Your kind attention is invited to the Circular No. 27/2010-Customs, dated 13.08.2010 regarding procedure on refund of 4% CVD (SAD). The above Circular provides the facility of manual filing of Bill of Entry for utilizing the amount of re-credited 4% CVD (SAD) refunds for payment of duty in case of re-credited DEPB/Reward Scheme scripts up to 30.12.2010. However several representations have been received from trade and industry to extend the time upto 30th June, 2011 for using re-credited 4% CVD (SAD) amount in DEPB as they have not been able to utilize the re-credited DEPB/Reward Scheme scripts within the stipulated time. The matter has been examined in consultations with Ministry of Commerce. Accordingly, it has been decide to extend time limit for using recredited DEPB/Reward Scheme scripts in case of 4% CVD (SAD) up to 30th June, 2011. A suitable Public Notice and Standing Order may be issued for the guidance of the trade and staff. Sd/(Vikas) Under Secretary (Customs. III/IV)

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