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2008 (8) TMI 763 - HC - CustomsDEPB credit - Quartz watches - Held that:- Keeping in view the facts of this case, we are of the opinion that quartz wrist watches with gold bracelets would fall in the generic description of quartz watches at serial Nos. 36 and 37 of the DEPB Scheme. In fact, our interpretation is in consonance with the general instruction No. 4/general Para No. 4 introduced on 31st March, 1999 inasmuch as it admits that gold watches are covered under the generic description of watches. Consequently, the respondents who had exported quartz wrist watches with gold bracelet prior to 1st April, 1999, in our view, had rightly claimed benefit of the 21% credit rate under the DEPB Scheme as the above rates, which were notified by the Directorate General of Foreign Trade were to cover exports made on or after 15th April, 1998. Moreover, the public notice dated 31st March, 1999 was amendatory in nature and could only govern export transactions executed after 1st April, 1999. Appeal dismissed.
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