Q1 ECGC stands for:
a. Export Credit Guarantee Corporation
b. Export Cum Guarantee Corporation
c. Excise Credit Guarantee Corporation
d. Excise Cum Guarantee Corporation
Q2 This document implies that the goods, that are exported has been manufactured in a particular country mentioned therein.
a. Shipping bill
b. Bill of entry
c. Performa invoice
d. Certificate of origin
Q3 which document is must for getting the permission by the customs for the export of goods by sea or air
c. Shipping Bill
d. Commercial invoice
Q4 Which forms have been prescribed by the Reserve bank to declare the export transactions.
d. All of these
Q5 Who is responsible for issuing Bill of Lading
a. Shipping company
b. Shipping company agent
c. Both a and b
d. None of these
Q6 CIF Incoterm stands for:
a. Cost, Insurance and Freight
b. Commission, Insurance and Freight
c. Cost, Interest and Freight
d. Commission, Interest and Freight
Q7 NAFTA stands for:
a. North American Free Trade Assignment
b. Nine American Free Trade Agreement
c. North American free Trade Agreement
d. Nine American Free Trade assignment
Q8 ITPO acronym stands for:
a. Indian Trade Promotion Organization
b. India Trade Promotion Organization
c. Indian Trade Prevention Organization
d. India Trade Prevention Organization
Q9 To minimize the risk of payment by the importer the exporter can sell account receivable to a third party called
d. None of these
Q10 Which one of the following is not the validity of IEC (Importer-Exporter Code Number)
a. 2 year
b. 3 year
c. 6 year
d. All of these
Part B: Attempt five of the following 5*10=50 Marks
- Explain the qualities required to be a successful manager.
- What is product positioning? What are the steps involved in product positioning.
- What is branding policy and piracy?
- What do you mean by tapping foreign market? Write a note on maintaining freign offices.
- Discuss the role of Exim policy in catering to the requirement of Export finance.
- Write short notes on WTO and Trade Barriers.
Part C: Read the case and answer the following questions. 30 Marks
The settlement commission is meant for providing a change to the tax evader who wants to turn a new leaf, as recommended by the direct taxes inquiry committee, popularly known as the wanchoo committee. To achieve this objective the commission so constituted was empower to grant partial or full waiver from imposition of penalty and interest and so also grant immunity from prosecution so as to lure the tax evader to come clean. Settlement commission for customs and central excise has continued to serve this purpose of an alternative channel for resolution of disputes.
The law majors probably having taken the cue from income tax act,1961 stipulated certain conditions relating to filing of an application for settlement of cases in customs and Excise thereby restricting the scope of operations of the said machinery section 127B of the customs act is parametric with section 245C of the Income Tax 1961. Sections 127B of the customs Act 1962 provides filing of application by the applicant for settlement commission cannot entertain cases which are pending with the appellate tribunal or in court. Similarly the matters relating to classification cannot be raised before the commission. It is also specified that no application can be made unless the appellant has filed a bill for entry of a shipping bill etc or unless the appellant has received a show cause notice issued by the proper officer and the additional amount of duty accepted as payable by the applicant in his application exceeds two lakh rupees.
Such restrictions and many others borne out of interpretation of the statute invariably lead to interpretation of the wordings thereof and eventually to litigation. One may say that as law evolves of such interpretation and given the nascent stage of the provisions related to the said machinery such issues would definitely have been unavoidable. Accordingly in the short span the settlement commission has also been besotted with certain teething issues which have since been settled.
Que 1. It shows there are lot of restrictions in appealing to settlement commission. Would you agree to it or not? Justify your answer.
Que 2. Discuss the settlement mechanism in detail with reference to appeals and revisions.