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A80 EXCISE LAW TIMES [ Vol. 372

tion of an Advisory Committee, headed by Sudhir Shrivastava, set up by the RBI
to review the WMA limits for State Governments and Union Territories. WMA is
a temporary short-term loan from the RBI to address the mismatch in revenue
and expenditure. The Central Government on 31-3-2020 increased the ceiling on
its WMA facility by 60 per cent.
In another relief to the banking sector, the RBI has decided that it is not
necessary to activate Countercyclical Capital Buffer (CCyB) for a period of one
year or earlier, as may be necessary. The framework on CCyB was put in place
by the RBI in terms of guidelines issued on February 15, 2015, wherein it was
advised that the CCyB would be activated as and when the circumstances war-
ranted, and that the decision would normally be pre-announced.
[Source : The Indian Express, New Delhi, dated 2-4-2020]

DGFT lifts curbs on 12 APIs except paracetamol
The DGFT has lifted curbs it imposed over a month ago on exports of
drug ingredients like Vitamin B12 and progesterone during the COVID-19 out-
break, as per an official notification.
However, exports of paracetamol will continue to remain restricted,
which means companies would have to procure no-objection certificates to ex-
port it, The Indian Express has learnt.
The restrictions were first implemented on March 3 due to a shutdown in
COVlD-19-affected Hubei, from where the ingredients were mostly imported.
Operations in the Chinese province have since commenced, allowing for
India to ease up on these restrictions on exports of 12 such active pharmaceutical
ingredients (APIs) and the medicines made from them.
[Source : The Indian Express, New Delhi, dated 7-4-2020]

Clarifications on shipment issues
Last Monday, the Centre issued a number of notifications giving effect to
the decisions of the Goods and Services Tax (GST) Council. More notifications
followed in the next few days to cope with the spread of COVID-19 and three-
week countrywide lockdown that requires everyone except those connected with
essential services, to stay home.
The definition of ‘turnover of zero-rated supply of goods, under Rule
89(4) of the Central GST (CGST) Rules has been amended. It shall be the actual
transaction value of zero-rated supplies made under a legal undertaking or the
value which is one and a half times the value of like goods domestically supplied
by the same or similarly placed supplier, as declared by the supplier, whichever
is less.
A newly added explanation to Rule 96(10) of the said CGST Rules clari-
fies that the benefit of the notifications mentioned therein shall not be considered
to have been availed of only where the registered person has paid Integrated
GST (IGST) and has availed of exemption of only Basic Customs Duty under the
said notifications.
A new Rule 96B is inserted in the CGST Rules, providing for recovery of
refunds granted of unutilised Input Tax Credit (ITC) or IGST paid on export
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