Home Case Index All Cases Customs Customs + HC Customs - 2015 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (1) TMI 1285 - HC - CustomsImport under SFIS Scheme - permitted to be sold/ reexport/ alienated inasmuch as three years have elapsed from the date of import/ procurement in terms of the foreign trade policy of 2009-2014 - Held that:- this is being permitted on the specific condition that the petitioner shall furnish a bank guarantee in favour of the respondent for an amount of ₹ 12 crores. This amount is being taken because, according to the petitioner, the assessed customs duty was ₹ 9.18 crores approximately at the time of importation which was exempted because of the SFIS Scheme. There may be other incidental charges and, therefore, to cover the same, the figure of ₹ 12 crores has been arrived at. The vessel may be sold/ re-exported/ alienated only after furnishing of the bank guarantee for ₹ 12 crores.
|