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Handbook on Foreign Trade Policy and Guide to Export & Import
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1 Handbook on Foreign Trade Policy and Guide to Export & Import th Celebrating the 60 Year of Excellence The Institute of Chartered Accountants of India (Set up by an Act of Parliament) New Delhi
2 HANDBOOK ON FOREIGN TRADE POLICY AND GUIDE TO EXPORT & IMPORT The Institute of Chartered Accountants of India (Set up by an Act of Parliament) New Delhi
3 The Institute of Chartered Accountants of India All rights reserved. The views expressed herein do not necessarily represent the views of the Council of the Institute. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the publisher. Price : Rs. 200/- (with CD) ISBN No. : Month and Year of Publication : November, 2008 Website : Published By : The Publication Department on behalf of Shri Rakesh Sehgal, Additional Secretary, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box 7100, Indraprastha Marg, New Delhi Printed By : Sahitya Bhawan Publications, Hospital Road, AGRA November/2008/1000 Copies ii
4 FOREWORD In the era of globalization Foreign Trade has become the lifeline of any economy. Its primary purpose is not merely to earn of foreign exchange, but to stimulate greater economic activity. The Export Import policy of a nation must be of a competitive and facilitative nature that helps in nurturing local enterprises as national champions and enables them to compete globally and become world champions. The better understanding of the Export Import policy is essential for a Chartered Accountant because being a service provider for the business communities, they can ensure better compliance of law and provide valuable suggestions for improvement and strengthening the policy as well. It is a matter of great pleasure that the Committee on Trade Laws and WTO is issuing publication Handbook on Foreign Trade Policy and Guide to Export & Import. I am sure members will be immensely benefited by this publication. I congratulate the Chairman of the Committee on Trade Laws & WTO CA. Anuj Goyal and all the dedicated members of the Committee in bringing out the publication Handbook on Foreign Trade Policy and Guide to Export & Import, which is quite relevant to the members of the CA fraternity. I would also like to put on record the efforts made by Mr. Lakshmi Venkataraaman in developing basic draft of the publication. I would also thank Mr. A. Bipin Menon, Joint Director General of Foreign Trade, Department of Commerce, Government of India for his contribution in the publication. I also appreciate the efforts taken by Shri Rakesh Sehgal, Additional Secretary, CA. Mohit Baijal, Sr. Assistant Director & Secretary, Committee on Trade Laws & WTO, CA. Kuldeep Vashist, Executive Officer and other officers and staff in the Committee Secretariat in the finalisation of this publication. New Delhi Date: October 16, 2008 CA. Ved Jain President iii
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6 PREFACE Service sector has become the largest and the most rapidly expanding sector in most economies, accounting for well over 60% of world GDP. Services account for a large share of production and employment in most economies and are coming to dominate the economic activities of countries at virtually every stage of development, making services trade liberalization a necessity for the integration of the world economy. In the year 2004 when the Government of India announced its Foreign trade Policy , India s exports stood at little over US $ 63 billion. In , India s exports have reached US $ 155 billion with an average cumulative annual growth rate of 23% year on year, way ahead of the average growth rate of international trade. The Annual Supplement 2008, last in series supplementing the main Foreign Trade Policy , though it does not alter the broad contours of the main policy, recognises the dynamic nature of international trade and the consequent need for periodic realignment and an integrated approach to the developmental requirements of India s foreign trade. The present publication is an attempt to provide guidance to Chartered Accountants in practice and in service and others concerned to have an insight in this field of foreign trade policy and exports and imports. The publication tries to develop a lucid understanding of the relevant provisions by giving the history of foreign trade policy & procedures, legal framework, general provisions regarding imports & exports, promotional measures, export promotion schemes, duty exemption/remission schemes, EOUs, EHTPs, STPs, BTPs & SEZs etc. The publication apart from having a separate chapter on Role of CAs in Foreign Trade Policy also gives in the form of Annexures the Foreign Trade Policy, Handbook of Procedures and a host of Appendices for information of members and others concerned. I sincerely hope readers would find it useful. v
7 I would like to place on record my sincere thanks to all the members of the Committee on Trade Laws & WTO for the Year namely, CA. Ved Kumar Jain, President, CA. Uttam Prakash Agarwal, Vice-President, CA. Shanti Lal Daga, Vice- Chairman, CA. Amarjit Chopra, CA. Sunil Talati, CA. S. Santhanakrishnan, CA. Vinod Jain, CA. Pankaj Inderchand Jain, CA. Mahesh P. Sarda, CA. Vijay Kumar Gupta, Shri Jitesh Khosla, Shri O.P. Vaish, Shri Manoj K. Sarkar, Dr. Pritam Singh, CA. Mukund Hari Singhal, CA. M P Tony, CA. Ram Manohar, CA. Sushil Kumar, CA. Subhash Chandra Verma and CA. G. Parthiban for rendering their support in bringing out this publication. I wish to place on record my thanks and gratitude to Mr. Lakshmi Venkataraaman for his efforts in drafting the publication. I would also thank Mr. A. Bipin Menon, Joint Director General of Foreign Trade, Department of Commerce, Government of India for his contribution in the publication. I would also like to express my appreciation for the efforts put by Shri Rakesh Sehgal, Additional Secretary, CA. Mohit Baijal, Sr. Assistant Director & Secretary, Committee on Trade Laws & WTO, CA. Kuldeep Vashist, Executive Officer and other officers & staff in the Committee Secretariat in finalisation of this publication. I am sure our members will find the publication Handbook on Foreign Trade Policy and Guide to Export & Import immensely informative and useful. CA. Anuj Goyal Chairman, Committee on Trade Laws & WTO New Delhi October 16, vi
8 CONTENTS CHAPTER 1 History of Foreign Trade...1 CHAPTER 2 History of Foreign Trade Policy...5 CHAPTER 3 Legal Framework of Foreign Trade Policy...10 CHAPTER 4 Special Focus Initiatives...17 CHAPTER 5 Board of Trade...18 CHAPTER 6 General Provisions Regarding Imports and Exports...19 CHAPTER 7 Promotional Measures...37 CHAPTER 8 Duty Exemption/Remission Schemes (DES)...49 CHAPTER 9 Export Promotion Capital Goods Scheme...64 CHAPTER 10 Export Oriented Units (EOUs) Electronics Hardware Technology Parks (EHTPS), Software Technology Parks (STPS) and Biotechnology Parks (BTPS)...70 CHAPTER 11 Special Economic Zones...85 vii
9 CHAPTER 12 Free Trade & Warehousing Zones CHAPTER 13 Deemed Exports CHAPTER 14 Definitions CHAPTER 15 Role of Chartered Accountants in the Area of Foreign Trade Policy List of Useful Website ANNEXURES (Contained in CD only) A. Foreign Trade Policy B. Handbook of Procedures C. Relevant Appendices Appendix No. Description 1 List of Regional Authorities and their jurisdiction 2 List of Export Promotion Councils/ Commodity Board 21B Procedure for Deposit/ Refund of Import Application Fee and other Fee 22A 22B Bank Certificate of Export And Realisation Bank Certificate of Payments for Domestic Supplies viii
10 Added Vide Public Notice No. 71 (Re- 2008)/ Dated 2/9/ C 22D Format of Certificate of Payments Issued by The Project Authority Certificate for Offsetting of Export Proceeds 23 Register for Maintenance of Consumption and Stocks of Imported Raw Materials/ Components etc by the Actual Users 26 Certificate of Chartered Accountant Cost And Works Accountant/Company Secretary (For all exporters other than Service Exporters/Service Providers) 26A Certificate of Chartered Accountant Certificate of Chartered Accountant Cost and Works ccountant/company Secretary (for Service Exporters/Service Providers) 27 Format of Project Authority Certificate 38A The Foreign Trade (Development And Regulation) Act, 1992 No. 22 of B Foreign Trade (Exemption from Application of Rules in Certain Cases) Order, C Foreign Trade (Regulation) Rules, I-A Application for Setting up EOU/ Units in Special Economic Zone Amended vide Public Notice NO. 53 (RE- 2008)/ Dated 23/7/ I-B 14-I-C Criteria to be Adopted for Automatic Approval of Units Under EOU Scheme Sector Specific Requirements for EOU Units ix
11 14-I-D 14-I-I 14-I-K Board of Approval Notification Procedure to be Followed for Reimbursement of Central SALES TAX (CST) on Supplies Made to Export Oriented Units (EOUS) and Units in Electronic Hardware Technology Park (EHTP) and Software Technology Park (STP). Jurisdiction of Special Economic Zones x
12 Chapter 1 HISTORY OF FOREIGN TRADE 1.1 Why Exports? India s economic structure today presents a distinctly different picture from what it was in 1991 when economic reforms started. In 1991 our foreign exchange reserves had depleted substantially. We then had just enough reserves to tide over the import requirements of three weeks. It was in this context that India gradually started dismantling its quantitative restrictions, partially liberalised its exchange rate and reduced the peak rate of customs duties. The average duty on all products stands reduced from over 70% in to 12% in However, at the same time the whole world was rushing towards globalisation and integration. Had India not joined the race, the economic scenario could have worsened. The only recourse left to India was to increase its exports to tide over the ever-increasing imports. We were aiming to gain a considerable proportion of international business and make our presence felt on the international front. The Government announced various export promotion measures and incentives. Laws were framed to streamline the process of export and import. These laws ensured that our commitment to expansion of India s trade remained firm. The laws and facilitations announced by the Government were not only related to export and import of goods and services, but were also directed to upgradation of technology and integration of all the departments by using latest technologies available. As we can see, e-commerce plays a very significant role in today s trade. The Export and Import Policy or the Exim Policy, was a significant landmark in India s economic history. For the first time, conscious effort was made to dismantle various protectionist and regulatory policies and accelerate the country s transition towards a globally oriented economy. This Policy coincided with the 8 th Five Year Plan and has yielded impressive growth in exports. While India s total exports during were US$ billion, 1
13 Hand Book on Foreign Trade Policy and Guide to Export & Import they increased to US$ 155 billion in , almost 2½ times of the figure four years ago. India s share in the global trade has gone up and the share of exports as percentage of GDP has also increased substantially. Keeping these factors in view, the Exim Policies announced thereafter have sought to consolidate the gains of the previous Policy. They aim to further carry forward the process of liberalization with the result that we have achieved nearly 1.5% share of world merchandise trade in totalling up to US$ 525 billion. In the current Foreign Trade Policy, two major objectives have been outlined: (i) To double our percentage share of global merchandise trade within the next five years; and (ii) To act as an effective instrument of economic growth by giving a thrust to employment. Out of the above two, we have already achieved the first one and are on track to achieving the second objective i.e. we have already created 136 lakhs new jobs in the past four years. In the era of globalisation and WTO regime many Asian countries have achieved such remarkable export-led growth that South Korea and Taiwan are likely to be considered as developed countries by WTO. WTO is the largest body of world trade consisting of 153 member countries as on date and responsible for 96% of the world trade. It is necessary for any developing country to expand exports continuously because export growth ultimately results in creation of jobs, building up of infrastructure, economies of scale and added foreign exchange earnings. Today s world is economic in nature and increased exports give credibility to the standing of the country in overseas market. Exports, therefore, are of importance and are considered a national priority by the Government of India. 1.2 Why Imports? Because of tough competition, you can sell only if the quality of your product is better than that of your competitors, the price most competitive and the buyers get delivery on time. In order to achieve all this, one needs to have access to international standard quality materials and capital goods. We also need to have better technology at our command as there is a sea change in the markets worldwide. 2
14 History of Foreign Trade We have moved from letters to s, telefaxes to video conferencing and manually operated phones to cellular phones via satellite. Today it is not possible to compete in the world without a better technological product. We cannot match the standards of quality and services that others offer if we happen to be out-dated and that means out of market as well. By accepting membership of the World Trade Organisation (WTO), India has become a part of the global village. New trade blocks are emerging and new world order is getting established. Even regional trading arrangements (RTAs) are mushrooming and it is estimated by the WTO that by 2010 there would be close to 400 RTAs. Even India is negotiating bilateral agreements with various countries and regional groupings. A number of joint ventures are being signed for export promotion as well as better quality production for domestic market. The FDI inflows into the country from 1991 to June, 2008 stand at more than $ 89 billion. We have witnessed a major change in this area between the years and if one scans through the newspapers, one will find that economic news has taken priority over political news. The area in which the imports are almost essential are defence requirements, crude oil, fertilizers, capital goods, industrial inputs like raw materials, components, consumables, spares, etc., import of samples, import of technology, import of drawing and designs, import of services etc. There are many vital areas where there is a need to import capital goods - new as well as second hand - in order to upgrade our products and services. Further, there is an increase in factor mobility. The various factors of production like raw materials, labour, capital goods, spares, consumables, etc. have become mobile. It is easy to relocate any of these factors from one country to another depending on where they are needed. This gives rise to opportunities where various components of a value chain are completed in different countries. For example, a company in USA may buy fabric from China, source design from Italy, labour from Bangladesh and Sri Lanka and arrange to make a garment to be sold in Europe. Likewise, in the case of contract manufacture, a firm makes a contract with another firm abroad whereby the contracted party manufactures or assembles a product on behalf of the contractor. The contractor retains full control over marketing and distribution 3
15 Hand Book on Foreign Trade Policy and Guide to Export & Import whilst the manufacturing is done by the local company. The advantages of such outsourcing are : - there is no need to invest in plant overseas - the risks of asset expropriation are minimized - risks associated with currency fluctuations are better managed - control of marketing is retained by the contractor - a product manufactured in the overseas market may be easier to sell, especially to government customers - lower transport costs and - Some times lower production costs can be obtained. To sum up, it is not possible to survive without imports when the world is moving so rapidly towards globalization and liberalization. The phenomena of global sourcing at the most competitive costs and the need to increase productivity of the domestic industry through the imports of hi-technology products has resulted in import liberalisation being an imperative tool for economic growth. 4
16 Chapter 2 HISTORY OF FOREIGN TRADE POLICY 2.01 Historically, India ran a trade surplus for centuries together through export of spices, handicrafts, textiles etc. No restrictions on imports or exports were officially maintained. But, the situation changed after the British took over power. Before India got Independence, import of goods from Great Britain received official encouragement through Imperial preferences. There was a corresponding disincentive for import of goods from other countries Most of the importers were British. Most of the European powers were at loggerheads. The British traders naturally preferred to import from Britain or whenever convenient, from the British colonies. The bias for imports from Britain was inherent in the given situation Statutorily, it was the Sea Customs Act, 1878 that provided the basis for implementing the official bias in favour of imports from Britain. Goods originating from other countries could be simply charged higher import duties than the goods originating from Britain or territories favoured by Britain There was, however, no separate statutory mechanism or enactment to prohibit or restrict import of goods, except under the Sea Customs Act, In other words, goods could be freely imported provided the import duties were paid. Under the Sea Customs Act, 1878, only a few goods were subjected to import duties and the duty rates were also not too high. The Imperial government preferred Land Revenue as the principal means to raise revenues. Import duties did not constitute a significant share of the revenues The Government of India Act, 1935 granted the Central government the exclusive legislative powers to regulate import of goods into India and export of goods from India. However, this power was never used till 1947, when the Imports and Exports 5
17 Hand Book on Foreign Trade Policy and Guide to Export & Import (Control) Act, 1947 was enacted. The need for the Act arose out of the consequences of the Second World War During the Inter-War years, quite a few Indian businessmen had taken to manufacturing as well as trading. The initial monopoly of British importers and exporters was being challenged. It was getting increasingly difficult to rely on only the loyalty of the British traders to ensure that most goods were imported only from Britain or British colonies The Second World War diverted significant resources to the War effort. A great deal of shipping space in the Indian Ports had to be surrendered for War purposes. The War caused severe shortages and the available foreign exchange had to be conserved for the War effort. Initially, the Govt. used the Defence of India Rules, 1939 to control imports of 68 commodities. Soon more and more commodities were brought under control through notifications. The end of Second World War meant the lapse of Defence of India Rules, 1939 but through the Emergency Provisions (Continuance) Ordinance, 1946, the Govt. continued the emergency provisions, including restrictions under Import Trade Control In 1947, the need was felt to replace the emergency provisions through a permanent enactment and that is how a specific statute, the Imports & Exports (Control) Act, 1947 came into effect on 25 th March The Imports & Exports (Control) Act, 1947 was enacted to continue for a limited period, the powers to prohibit and/or control imports and exports. The initial life of the Act was three years but it was extended from time to time till Thereafter, the Act ceased to be a temporary measure and became a permanent statute In the early fifties, the Indian Govt. took several measures to build an industrial base in the country. It allocated substantial resources for infrastructure building such as steel plants and developing the core sector. The private sector was also encouraged to set up industries in the non-core sector. These infant industries needed protection from influx of imported goods. So, the Govt. issued the Imports (Control) Order 1955 allowing most of the imports only against an import licence. 6
18 History of Foreign Trade Policy 2.11 In 1976, far-reaching changes were made to the Imports & Exports (Control) Act, The amended Act gave the Central Government wider powers to prohibit, restrict and control the Imports and Exports Trade. The Act covered practically all articles of trade and manufacture except those permitted to be imported under a licence or customs clearance permit or an Open General Licence. The Exports (Control) Order 1988 held sway before liberalization process was launched in In the meantime, the Sea Customs Act, 1878 was replaced by the Customs Act, Section 11 of the Customs Act, 1962 controlled the import and export of certain goods. The import and export of Gold, Silver, Currency Notes, Coins and securities were controlled under the provisions of Foreign Exchange Regulations Act, In 1991, the Central Govt. ushered in economic reforms in the country. One of the basic aims of the reforms process was to progressively integrate the Indian economy with the rest of the world. The process called for progressive liberalization of controls and elimination of discretionary licensing for imports and exports. The legal framework had also to be amended so as to reflect the new realities The Government introduced in Parliament, the Foreign Trade (Development & Regulation) Bill, 1992 to provide for the development and regulation of foreign trade by facilitating imports into India and augmenting exports from India. As the Parliament was not in session, the President, promulgated the Foreign Trade (Development & Regulation) Ordinance no. 11 of 1992, on 19 th June The Foreign Trade (Development & Regulation) Act, 1992 replaced the Ordinance on 7 th August The provisions of the Act were deemed to have come into force from 19 th June 1992, except sections 11 to 14, which came into effect from 7 th August The Central Govt. used to notify the Import and Export Policy every year. The Policy book was known as the Red Book. In 1985, the Government started the practice of notifying three year Policy. The Policy, however, was prematurely terminated and replaced by the Policy. This Policy, in 7
19 Hand Book on Foreign Trade Policy and Guide to Export & Import turn, died a premature death and gave way to a five year Policy and in 1997, the next five year Policy for the period was notified. The tenure of the policy was 5 years in order to provide stability and thereby minimize the uncertainties for exporters and importers. The Five year Policy for the period was modified in 2004 with the change in government and was incorporated into the new five year Foreign Trade Policy for the period The Import Policies prior to 1992 contained an Open General Licence or OGL under which specific goods could be imported by specific categories of importers subject to fulfillment of certain conditions. Similar Open General Licence was needed for exports. In 1992, the Policy was amended to do away with Open General Licence and allow imports and exports of all goods without a licence, except those specifically mentioned in a small negative list In 1995, the World Trade Organisation was established and India became one of the founder members of the WTO. As per the commitments under the Agreements of the WTO, India could maintain quantitative restrictions i.e import licensing only under certain exceptions namely on grounds of public health, safety, security etc. India, however, continued to maintain quantitative restrictions on grounds of Balance of Payments (BOP) difficulties. The quantitative restrictions were dismantled in April 2001 when the Balance of Payments difficulties had eased. The restrictions now in place are compatible with the commitments undertaken by India under the Agreements of the WTO To recapitulate, the objectives of the new Foreign Trade Policy are as below : (i) To double India s percentage share of global merchandise trade within the next five years; and (ii) To act as an effective instrument of economic growth by giving a thrust to employment generation. The new Foreign Trade Policy came into force from 1 st September 2004 and will continue till 31 st March
20 History of Foreign Trade Policy The annual supplement to the new Foreign Trade Policy announced on 11th April 2008 fine-tunes some of the provisions in response to the changing global trading environment and representations from the exporters and importers Some of these provisions include the liberalization of the EPCG Scheme by reduction in duty from 5% to 3%; additional duty credit under the Focus Product Scheme for export of sports goods and toys; additional credit under the VKGUY for exports of fresh fruits, vegetables and flowers; interest relief for exports affected by the appreciation of the rupee etc. 9
21 Chapter 3 LEGAL FRAMEWORK OF FOREIGN TRADE POLICY India s exports and imports are governed by: (1) Foreign Trade (Development & Regulation) Act, 1992 (2) Foreign Trade (Regulation) Rules 1993 (3) Foreign Trade (Exemption) Order 1993 (4) Export and Import Policy - now called Foreign Trade Policy (5) Handbook of Procedures Vol. I (6) Handbook of Procedures Vol. II incorporating the Standard Input Output Norms (SION) (7) ITC (HS) Classification of Import and Export Policy Foreign Trade (Development & Regulation) Act, The Salient features of the Act are as follows: (1) Objective: Development and regulation of foreign trade by facilitating imports and augmenting exports. (The objective of the repealed Act was to prohibit and control imports and exports ) (2) Section 3 : Enables the Central Govt. to make development and regulation of foreign trade and prohibit, restrict or otherwise regulate import and export of goods (3) Section 5 : Enables the Central Govt. to formulate and announce the Export and Import Policy and also amend the Policy (4) Section 6: Provides for appointment of Director General of Foreign Trade to advise the Central Govt. 10
22 Legal Framework of Foreign Trade Policy in the formulation of the Export and Import Policy and be responsible for implementation of the same. (5) Section 7 : Provides that any import/export can be made only by a person holding an Importer Exporter Code Number (6) Sections 8 and 9 : Provide for issue, renewal, refusal or cancellation of Importer Exporter Code Number or licence to export or import (7) Sections 10 to 14 : Provide for search and seizure, fiscal penalty/confiscation in the event of contravention, and adjudication and reasonable opportunity to the owner of goods (8) Section 15 to 17 : Provide for Appeal, Revision and powers of adjudicating and other authorities (9) Section 18 to 20: Protects action taken in good faith, Central Govt. s powers to make Rules, Repeal and Savings. Foreign Trade (Regulation) Rules, These Rules are made under the Rule making powers vested with Central Govt. under Section 19 of the Foreign Trade (Development and Regulation) Act, The salient features are: (1) Rule 3: Enables the Director General of Foreign Trade to issue Special Licences to persons whose Importer Exporter Code Numbers have been suspended or cancelled. (2) Rule 5 : Specifies the scale of fees to be paid towards applications for licences and categories which are exempt from payment of fees (3) Rule 6 : Details the general conditions applicable to licences and Import Certificates issued under the Indo-US Memorandum of Understanding (4) Rule 7 : Specifies the circumstances under which a licence can be refused 11
23 Hand Book on Foreign Trade Policy and Guide to Export & Import (5) Rule 8 : Enables the licensing authority to amend a licence (6) Rule 9 : Deals with suspension of licences (7) Rule 10 : Deals with cancellation of licences (8) Rule 13 : Indicates the manner of utilization of goods allotted by STC etc. and of the goods imported against a licence (9) Rule 15: Provides for search, seizure etc. (10) Rule 16 : Provides for settlement (11) Rule 17 & 18 : Provide for confiscation and redemption of goods and conveyances Foreign Trade (Exemption from application of Rules) Order, The main feature of this Order is that it details the categories of imports and exports, which are exempt from the application of Rules. Important exemptions are as under: A. Imports (1) Imports for defence purposes (2) Import by Central/State Government or Public Sector Undertaking through the India Supply Mission at Washington and London (3) Imports for transit to other countries (4) Imports under Baggage Rules (5) Personal Imports (6) Imports by Diplomatic Personnel (7) UN officials (8) Temporary Imports for fairs, Exhibitions etc. B. Exports (1) By or under the authority of Central Govt. (2) Ship Stores 12
24 Legal Framework of Foreign Trade Policy (3) Baggage (4) Trans-shipment (5) Goods imported without a valid licence and ordered to be reexported (6) Goods manufactured by 100% Export Oriented Units or Units in Export Processing Zones. Foreign Trade Policy (Export and Import Policy) 3.04 The Exim Policy was notified under the repealed Imports & Exports (Control) Act, The Policy was saved through Section 20 of the Foreign Trade (Development & Regulation) Act, Subsequent amendments to the Policy and the Policy were notified under powers vested through Section 5 of the Foreign Trade (Development and Regulation) Act, The Exim Policy consisted of 9 Chapters as under: Chapter 1 Introduction Chapter 2 General Provisions Relating to Imports and Exports Chapter 3 Promotional Measures Chapter 4 Duty Exemption/Remission Scheme Chapter 5 Export Promotion Capital Goods (EPCG) Scheme Chapter 6 Export Oriented Units (EOUs), Electronic Software Technology Parks (EHTPs) and Software Technology Parks (STP) Chapter 7 Special Economic Zones (SEZ) Chapter 8 Deemed Exports Chapter 9 Definitions 13
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text:
Threshold is an incredibly ambitious comic book. This should be no surprise because it comes from Keith Giffen. Giffen has created many wonderful characters over at DC throughout the years. It's obvious that his imagination is constantly blooming into a supernova of sorts. Threshold: The Hunted completely takes advantage of his imagination. While much of the comic is a joy to read there is a large portion that just feels completely unfocused. In the new 52 a book like Threshold is placed well in it's great stylistic tone. So many DC books are so dour and serious to where Threshold creates a great mood that permeates throughout all of the characters. In fact there are many many characters and this is specifically where the book begins to fall apart. This book also has another major issue in the way of being as great it is ambitious that issue is accessibility.
Shining focus on The Blue Beetle and Larfleeze is a stroke of genius but still not quite in focus. These characters are so huge and difficult to get an emotional hook into that they virtually need their own comic. Combining these great characters wit Captain K-Rot and his crew and the narrative becomes disjointed. Both Tom Raney and Scott Kolins deliver some awesome highly expressive work that gives incredible life to Giffen's wild imagination. Threshold: The Hunted is filled with potential but not quite a great comic yet.

subset: commoncrawl


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A standard candle is an astronomical object of which the intrinsic brightness and distance from the Earth are known. By comparing the apparent brightness of a star with the apparent brightness of the standard candle, it is possible to work out the distance of the star from Earth. To do this, you need to know the intrinsic brightness of the star.
Two examples of standard candles are:
- Cepheid Variables - intrinsic brightness related to time period of pulsation.
- Type Ia supernovae - all have the same intrinsic brightness because stars explode after reaching the same critical mass.
How does comparing the brightness tell us the distance?
As you move further away from a light source, the apparent intensity of the light drops following the inverse square law. This is because the light travels out in every direction to cover the surface of the imaginary sphere. Here is a bullet point guide to the relation between distance and apparent brightness:
- At distance r, apparent brightness is B.
- At distance 2r, apparent brightness is B/4.
- At distance 3r, apparent brightness is B/9.
- At distance 4r, apparent brightness is B/16.
- At distance 5r, apparent brightness is B/25.
- At distance 6r, apparent brightness is B/36.
For any star, the apparent brightness α intrinsic brightness / distance from Earth ²
B α I / d²We can consider two starts A + B of equal intrinsic brightness to relate both to the above equation:
B(A) α I / d(A)² and B(B) α I / d(B)²Therefore, B(A)d(A)² = B(B)d(B)². This then produces the equation:
B(A) / B(B) = d(B)² / d(A)²
Using Parallax and Standard Candles to Measure Astronomical Distances
Imagine observing an object against a fixed background. If you move the position of the object relative to the fixed background changes. The further away the object, the smaller the apparent change in position. This is the basis of stellar parallax.
The Parsec
A unit of distance in common use amongst astronomers is the parsec. As the Earth moves in its orbit around the sun, the position of nearby stars against the background of very distant stars seem to change.
The parallax angle of a star is the angle labelled Ø on the diagram. These angles are very small because nearby stars are very distant compared with the Earth's orbital diameter. Small angles can be expressed in minutes and seconds; one minute of arc is 1/60 of a degree; one second of arc is 1/60 of a minute (1/3600 of a degree).
If the radius of the Earth's orbit is R then the distance to a star with parallax angle Ø is:
d = R / tanØA star at a distance of 1 parsec (a pc) from us has a stellar parallax angle of 1 second.
If R = 150x10^6 km, find the value of 1 parsec in meters.
To work this out, we can put the above information into the above formula:
- d = 150x10^9 (m) / tan 1/3600 (one second)
- d = 3.09x10^13 km
The length of one parsec is 3.09x10^13 km.
- We can measure the distance of a distance star if it is a standard candle. We can use the equation B α I / d² and B(A) / B(B) = d(B)² / d(A)² where B is the apparent brightness, I is the intrinsic brightness and d is the distance from Earth.
- The apparent intensity of the light from the distance star drops following the inversely square law.
- From using distance stars as a background, we can work out the distance of nearby stars through the equation d = R / tanØ where R is the distance of Earth's orbit from the sun, Ø is the parallax angle and d is the distance of the nearby star to the sun.
- A star of distance one parsec (3.09x10^16m) away from Earth will have a parallax angle of 1 second or 1/3600 of a degree.


text:
Items in Cart:
See Barbie Glam it up in these Sandals!
This pair of sandals comes in a white shoe box, complete with tissue paper...
Making this not only a very cute gift, but a
wonderful experience for all children playing with Barbie!
Please Note: Postage is done once a week.


text:
All this time we have, apparently, been getting them wrong. The chaps who inhabit the Lloyd's of London building in the City are, it seems, a hot-blooded and daring lot.
The sort, in fact, to enjoy having sex in lifts. According to today's Insurance Times, members of the insurance market have formed their own version of the Mile High Club, using the lifts that scale the outside of the building as the unlikely venue. A senior writer on the magazine even claims to have witnessed one such liaison.
Now, the practice of enjoying a spot of nookie in a lift is fraught with difficulties at the best of times. There is the constant danger of discovery which can only perhaps be overcome by stopping the lift between floors. But it is a risky business. With the Richard Rogers-designed building it is far worse.
Not only are the lifts transparent, they are also outside the building. Anyone deciding to go for a quick knee-trembler between the ground floor and the 12th would be doing so in full view of the whole of the City of London. As devoted to their jobs as City workers are, there is still a chance that someone might notice something.
Still, one can see the attraction. One City observer said: "The lifts are amazing. You go up in the heart of the City and the whole of the City emerges beneath you. It's quite a fun little ride on a normal day." And on others - well, then it gets really special. One 32-year-old unmarried insurance services manager said: "It sounds a good idea but I've never done it myself. Unfortunately I am far too sad and just work here.
"All the lifts are outside so they are all visible to the street or the public. You would have to be quite an exhibitionist to do anything saucy in there.
"You get some lovely views so it is quite a romantic setting. There is a function centre downstairs where you can have access to the elevators, so I can imagine after a few drinks people might start getting adventurous."
Lloyd's says it has no evidence of the practice - "it's not something our security have seen" - although admitting there are plenty of parties in the building.
There is another problem. As the Lloyd's spokesman said, "the lifts only take 45 seconds to get to the top". Well, they are a very busy lot in the City. Pressure of work and all that. It could happen to anyone.
No wonder premiums are so high.
Great ideas for Valentine's
- More about:
- Cities
- Insurance
- Lloyd's Of London


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If you follow some basic rules you will stay safe and healthy in Pattaya. The city is a fairly safe area but like everywhere can turn ugly if you put yourself in a bad situation.
Saying safe and stay out of trouble in Pattaya
You do not want to get involved in a heated argument with a Thai or get between two arguing Thais. Also don't get involved in an argument between a Thai and other farangs. If you get in this situation you could get yourself into a lot of trouble as Thais nearby will take the Thais side regardless of the situation. The results can be very unpredictable.
It is not a good idea to show extravagant wealth in Thailand. Remember that our idea of extravagant wealth is different from the Thai's view. Don't flash a lot of cash around and try not to display expensive jewellery or camera equipment, for example.
Keeping a level head will keep you out of trouble in Thailand. Also try not to get too drunk, at least until you know where you need to avoid. If you do find yourself in a situation with a Thai do a lot of smiling and do your best to back out of it. You'll find that the Thias use smiling as a way to avoid, or even reverse, a bad situation.
It may be obvious that condoms are a must but many guys still do not use them, at least, from time to time. Some guys proudly state that they rarely or never use them. Most guys who don't use them from time to time do so because of having too much to drink. Perhaps another reason to limit your consumption!
Asian condoms are a little smaller than what you will get at home. Also the quality may not be quite as good. For these reasons it is best to bring your own from home. Also it is a good idea to have some personal lubricant available.
Once you have decided that Pattaya it is for you it is a good idea to talk to your doctor about immunisations. It is important to do this early as some immunisations must be done over a period of time.
One immunisation that you should consider that takes some time is for hepatitis A and B. You can get hepatitis A from eating infected food and hepatitis B from contaminated bodily fluids. There is no immunisation know for hepatitis C which like hepatitis B can be contracted during unprotected sex.
There are other immunisations that you may need to update but your doctor is best to advise you one this. If you have a good relationship with your doctor it is a good idea to inform him/her of what you plan to do while you are in Thailand
Almost all of the food you will get in Thailand will cause you no problems. However, it is not without risk. What you are prepared to eat will depend on how adventurous you are.
Getting diarrhoea is a risk in Thailand and you need to be prepared for it. Most people experience a mild case of diarrhoea but few suffer greatly. It is a good idea to keep a supply of Imodium in your room while you are there. It is easily obtainable from any pharmacy in Pattaya.


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IBM Cognos Dynamic Cubes: Improving performance of reports and dashboards Community Blog
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As a software architect for IBM Cognos Dynamic Cubes, I frequently get the question, "I have Cognos Dynamic Cubes but my reports and dashboards aren't fast enough. What can I do?" And, sometimes the question is more of a plea, "Help! I need...
from Blog: IBM Redbooks Software BlogModified on by MarcelaAdanRochester
Big Data & Analytics Maturity Model
Chris Nott Tags: big-data maturity-model analytics 8,646 Views
Many organisations are in the process of increasing digital engagement with their customers. They hope to deepen the understanding of their customers by improving the connection they have with them thereby improving service, increasing retention and...
What BLU Acceleration means for data storage and analytics: IBM Champions speak
daryl_pereira Tags: mike-martin dave-beulke big-data philip-nelson james-taylor blu-acceleration 1 Comment 6,698 Views
Last week IBM made a major announcement in the data management space: a technology dubbed 'BLU Acceleration' that provides major performance and compression enhancements to the DB2 and Informix line of products. Many of our IBM Champions were given privileged...
from Blog: IBM Champion Program News and Views
Critical Success Factors for big data in business (Part 1)
Chris Nott Tags: analytics though-leadership big-data 6,614 Views
Business success with big data technologies is not guaranteed. Many of the technologies are new and some have vibrant developer communities and this means that it is going to remain a volatile part of our industry for the foreseeable future. As a result there...Modified on by Chris Nott
Big Data, Analytics, and Software and Systems Development. Oh my!
Peter Spung Tags: big-data innovation software-development rational analytics systems-development 1 Comment 6,216 Views
Big Data, Analytics, and Software and Systems Development (SSD). An interesting intersection and combination of value, which can be new to you, and/or a bit confusing. Here's an attempt to clarify...does this work for you? First, let's briefly define...
from Blog: Peter Spung
Are you ready for Smarter Analytics?
daryl_pereira Tags: smarter-analytics spss cognos analytics big-data 5,753 Views
If you are interested in the evolving analytics space and the benefits this brings to processes across the enterprise, then make a note to attend IBM's online Smarter Analytics Leadership Summit tomorrow. The growth in the analytics space is driven by these...
from Blog: Business Analytics
InterConnect 2012: Where business and IT leaders connect
ErikaHorrocks Tags: systems cmo innovation cloud leaders security interconnect business big-data singapore software cio conference it 5,605 Views
InterConnect 2012: Turning opportunities into outcomes We live in a rapidly changing world where industries are transforming and businesses are forced to deliver new value and new technology to compete. To turn opportunities into business outcomes, we need new...
Pushing the Envelope : 2012
Daniel Selman Tags: big-data personalization brms decision-management analytics big-rules 5,339 Views
Business rules has proved itself to be a key enabler of the agile enterprise. One of our major challenges for 2012 is how to best expose business rules (which often implement decisions) to a range of IT and business systems in an efficient, intuitive and safe...
from Blog: IBM Operational Decision Manager Blog
IT Technical Summit Beijing: Young professionals lead the way
ErikaHorrocks Tags: design big-data agile cloud-computing html5 it-technical-summit jazz hybrid-development it-leader mobile-application-develo... software-delivery-life-cy... mobile 5,305 Views
The IBM Software Technical Summit in China, which was held earlier last month in Beijing, was heavily geared toward the IT practitioners. This was easily observed from the participant demographics. At the conference, I was more likely to run into a young IT...
Go wild! Innovate hosts party at Disney's Animal Kingdom
Lori_PB Tags: smarter-computing innovate2013 embedded-systems se delivery delivery-analytics cloud application-lifecycle-man... enterprise-modernization social-business big-data research complex-systems business-analytics agile devops innovation mobile 5,177 Views
Wednesday night at Innovate traditionally means fun, and 2013 is no exception! After four days of technical sessions, go wild on Wednesday night at Disney's Animal Kingdom® Theme Park. It will be a private party for Innovate...
from Blog: Innovate: The IBM Technical SummitModified on by Lori_PB
Critical Success Factors for big data in business (Part 4)
Chris Nott Tags: ethics thought-leadership analytics process skills csf disposal big-data data-lineage 5,154 Views
Managing your organisation's capabilities is the third of my critical success factors for big data in business . In this final post on this topic, I shall expand on what this means. Ensure alignment of the organisation...
Integrating social media into business
Chris Nott Tags: analytics wimbledon cmo iet sentiment content-analytics social-media big-data tennis marketing 5,073 Views
Social media generates lots of interest for many who are keen to explore the benefits of big data technology, but a recent study published by IBM's Institute for Business Value shows that CMOs are struggling to make progress in coping with social...Modified on by Chris Nott


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The rise of machine intelligence at Codecon 2016, by Steven Sinofsky of a16z
Geege Schuman stashed this in Machine Learning
Stashed in: Awesome, Amazon, @sherylsandberg, Turing, @a16z, Jeff Bezos, Ford, Accelerating Returns, @sundarpichai, GPU, Machine Learning, IBM, Artificial Intelligence, Machines Writing Code, Deep Learning
Facebook doing machine intelligence:
Perhaps the most frequent use of AI any of us experience is through Facebook on our mobile phones, and together onstage, Facebook COO Sheryl Sandberg and CTO Mike Schroepfer outlined numerous efforts in AI across the site, advertisers and, of course, in virtual reality. The depth of both product features and applied research going on in AI at Facebook is not as widely appreciated, I believe. For example, a few weeks ago, Facebook contributed a dozen papers to the major AI conference ICLR. As mentioned below, the role each of us play as people (not "user," according to both speakers) is a huge contributor to Facebook's ability to deliver AI-based features like photo tagging that we find so valuable.
AI is already here. Get used to it.
Some years are remembered as launch years (like the iPod, or even Windows or Office releases!), and others are marked more by debates over disruption (such as net neutrality or music distribution). Rarely do we get to experience a year when the breadth of speakers collectively express both optimism and execution plans for a technology shift as we saw this year. By any name, machine learning, artificial intelligence, deep simulation — or, as IBM's CEO insisted, cognitive computing — were front and center for nearly every speaker.
Over the course of the previous 12 conferences, there have been themes that everyone might have touched on, but I don't recall a case where there was such uniform aggressiveness at staking a claim on the technology. Across the board, speakers went to great lengths to talk about how their customers are going to benefit from the use of intelligence technologies (let's call this "AI") in products and services.
Why is this not simply a waypoint on the way through the hype cycle? The short answer is because we, as customers, are already "using" intelligence every day on our smart phones. It is worth pausing to acknowledge that somehow over the course of the past year, AI has gone from passing reference through implementation to daily use.
Today's use of AI is not hype, but reality.
Down the road, the interesting question will not be which companies used AI, but which companies made the most of AI in novel ways.
The most fascinating aspect of listening to the speakers respond to questions about how AI will or does play a role in their respective enterprises is how the technology spans devices, strategies and business models. While each of us might be familiar with a specific example, looking across the speakers paints a picture of an incredibly rapid and deep technology diffusion.
Amazon CEO Jeff Bezos spoke at great length about the role of AI in the company's breakout product, Echo. In many ways, Echo has come to symbolize the true potential of multiple technologies across voice commands, agents and machine learning, all packaged up in super-simple consumer devices. In addition, Bezos outlined how Alexa — the technology underpinnings of Echo — is both a customizable platform and an embeddable technology. Developers can build new "skills" for Alexa and contribute "learning" to offer new capabilities (and as Mossberg noted, owners receive weekly email detailing the latest skills added). Makers can embed Alexa technology in their own devices — one example mentioned was an alarm clock — and turn a mundane technology into another AI-enabled endpoint.
Ford CEO Mark Fields worked to convince the Code crowd that while Ford's intrinsic strength in AI or cloud might not be there, they are actively partnering (with Pivotal, for example) and bringing in-house the skills needed to make sure Ford vehicles participate in this technology wave. While Fields did not articulate a deep vision of AI, he used examples around maintenance and navigation to illustrate the company's commitment.
In an approach similar to Ford, Cisco CEO Chuck Robbins talked about committing his company's thousands of software engineers to AI, and incorporating it into Ford's existing product lines. He spoke of using AI to bring better management and understanding to modern networks that will contain millions of end points of all sorts.
While spending a good deal of time differentiating his company from Amazon, eBay CEO Devin Wenig talked in detail about eBay's amazing work to improve the shopping experience, and to eliminate fraud by using AI. Wenig characterized the use of AI as the way the company will deliver a highly personalized eBay — one that is curated and relevant. Fraud, he claimed (in a follow-up interview by Lauren Goode, from Recode's Vox partner The Verge), has become a "meaningless" number through the use of technology.
IBM CEO Ginni Rometty traced IBM's longstanding efforts in AI, and outlined what amounts to a "bet the company" investment in the technology. She discussed scenarios from health care to education, from business IT to third-party developers, and from cloud to on-premises as ways IBM is working to contribute to and support the use of AI. Most interesting were the efforts IBM is making to provide open source or freely available solutions, which Rometty said ran counter to IBM's history, but were essential to see the company moving forward. While many of us think of IBM's Big Blue or "Jeopardy" building up to Watson, IBM's history with AI goes to the very start of the field, where the famed Watson Labs worked to pioneer the earliest ideas in translation, language processing, speech and handwriting recognition, and more. Even with so many challenges, one has to be impressed by Rometty's outlook on the technology and the depth of IBM's engagement.
Fresh off the heels of the I/O Conference, Google CEO Sundar Pichai took us through the history of AI at Google. There is clearly no other company that has the depth of efforts and the broad use of AI in products over time. Without a doubt, AI has always defined Google, and it is only in the past year or so that this has become broadly understood. Photos, inbox, search, advertising, Assistant, self-driving cars — and the list continues —were all examples used by Pichai to illustrate Google's ongoing commitment to AI. If AI is itself a platform, Google is most certainly the most invested and best positioned to be the leader in such a platform.
That AI is so mainstream today that dozens of CEOs can articulate company execution plans using the technology is directly attributable to four important changes in the technology landscape.
I think it's worth reflecting on how these came together to make it possible to see such a rapid move from lab to deployed feature in such a high-tech endeavor.
Raw compute power for models: While we love to talk about Moore's law as enabling so much, when it comes to AI, it is Moore's law applied to parallel architectures, not Intel's scalar ones. The application of even more transistors to graphics processing units (GPU) has been a key enabler of AI technology. Cloud architecture plays an incredibly important part in this because companies do not need to build out their own GPU data centers in order to tap into the power of AI training models, but can tap into on-demand scale.
Massive data capacity for training: Everyone has come to learn that more data is the only way to train AI models, and you can never have too much data (but it is easy to have too little). It is only recently that cloud architectures have become "routine" and "economical" at both retaining and accessing the quantities of data required for training. Facebook provides the easiest-to-visualize view of this as it trains recognition of people on the more than 300 million photos a day (or half a petabyte). IBM's examples using radiology offer another view into just how important the evolution of storage is to AI.
Incredible availability of labeled data: As important as data is to training, data without "labels" isn't very helpful. This is where our role using technology plays an important part, as well as the openness of the internet. It isn't just that we upload photos to Facebook, but that we tag people we know, and in doing so, train the image-recognition engine. It isn't enough for eBay to say it wants to offer a customized store, but that we are signed in and purchasing items to inform the customization engine. This is such an advance over the way we used to think of click streams or guessing if someone is a return visitor.
In addition to all of this, sensors in our phones offer motion and location data, enhancing everything we are doing. Clearly and obviously, there are privacy and security questions with all of this, but at the same time, never before have there been such personal benefits to each of us as we use services. The availability of data goes beyond that which I personally generate (and label), and includes data sets and APIs that are now available simply because of openness and cloud-based solutions (for example, economic and demographic data from governments) that can be incorporated as part of training models.
Open implementations of technology underpinnings: The most fascinating aspect of the rise of AI solutions has been that so much of the core technology has been developed in the open (often by the research arms of companies) or is at least contributed in an open way relatively early in the evolution of the technology. Google's TensorFlow, Facebook's Torch, IBM's SystemML and UC Berkeley's CAFFE, along with technologies for data (such as Spark) are all openly available platform elements. This is most certainly following the same pattern as HTML/HTTP, which means the economics will be elsewhere in the system (in the data, training and models, of course).
Soon we won't program computers. We will train them.


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Hyderabad, Feb 1 (PTI) The Bar Council of Andhra Pradeshwill stage protests on February 4 against the "enforcement" ofamendments to the provisions of Criminal Procedure Code-Act2008 and 2010.
Bar Council Chairman A Narasimha Reddy in a statementhere today said the protest call was given also for opposingthe draft Bill of ''Legal Practitioners (Regulations andMaintenance of Standards in Professions, protecting theInterest of Clients and Promoting the Rule of Law) Act, 2010''.
The draft Bill, proposed by the Union Government is incontravention of the provisions of Advocates Act, 1961which regulate the professional standards, the Bar CouncilChairman said adding some amendments to the CrPC were broughtinto force recently without considering various suggestions bythe Bar Council of India.
The Bar Council has asked members in the state toobserve February 4 as protest day, and also decided to convenea meeting on February 20 to discuss about this Bill and newamendments to CrPC, Reddy said.


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The Ramada Hotel and Suites Amsterdam is a conveniently located and charming three star hotel. Overlooking the famous Vondel Park; it offers a host of amenities for those wishing to enjoy a break in this lively and popular part of Holland.
The hotel is situated next to the beautiful Vondelpark and within walking distance of all the well-known museums and famous shopping streets and very close to the nightlife centre, the 'Leidseplein'. Schiphol airport is approx 13 kilometres from the hotel.


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The Grammys Are Switching to Online Voting, Make Changes in Album of the Year, Rap Categories
The Grammys have established a new set of voting rules.
The Grammys have established a new set of voting rules.
Why not spend Father's Day with the whole family at the Utica Zoo?
Diddy is the highest paid celebrity in the world.
This father found a touching way to celebrate his daughter's high school graduation.
With the weather we've been finally getting, there's a good chance you've heard your kids ask this question - "Is the Splash Pad open yet?"
State Police are investigating an accidental drowning on Delta Lake near Route 46 in the Town of Western.
Jennifer Lawrence found herself in the kind of tense situation you'd expect to see in one of her movies.
Swift and Perry have been locked in a quiet feud for years.
Here are your Mindbender Trivia Questions from Monday, June 12th through Friday, June 16th.
The Boilermaker Road Race is introducing some major overhauls to its prize money structure for this year's race.
'There's been a lot of moments in my life where it's been up and down,' Gomez says, 'And I think it's evident. I think people have seen it.'