TMI BlogConcessional duty of 5% on Capital goods, components and spares imported under the EPCG Scheme - EXIM Policy 2002-07 - duty saved criteriaX X X X Extracts X X X X X X X X Extracts X X X X ..... tions namely:- (1) that the goods imported are covered by a valid licence issued under the Export Promotion Capital Goods (EPCG) Scheme in terms of Chapter 5 of the Export and Import Policy permitting import of goods at the rate of five percent duty and the said licence is produced for debit by the proper officer of customs at the time of clearance: Provided that for import of spare parts specified at Sr.No.4 of the said Table, the validity period of the licence shall be deemed to be the period permitted for fulfilment of the export obligation in full; (2) that the importer executes a bond in such form and for such sum and with such surety or security as may be specified by the Deputy Commissioner of Customs or Assistant Commissioner of Customs binding himself to fulfil export obligation on FOB basis equivalent to eight times the duty saved on the goods imported as may be specified on the licence, or for such higher sum as may be fixed by the Licensing Authority, within a period of eight years from the date of issue of licence, in the following proportions, namely:- S.No. Period from the date of issue of licence Pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he expiry of the said block pay duties of customs of an equal amount equal to that portion of duties leviable on the goods but for the exemption contained herein which bears the same proportion as the unfulfilled portion of the export obligation bears to the total export obligation together with interest at the rate of 15% per annum from the date of clearance of the goods; (4) 3 [that the capital goods imported, assembled or manufactured are installed in the importer s factory or premises and a certificate from the Assistant Commissioner of Customs or Deputy Commissioner of Customs having jurisdiction over the importer s factory or premises, as the case may be, is produced confirming installation and use of the capital goods in the importer s factory or premises, within six months from the date of completion of imports or within such extended period as the said Assistant Commissioner of Customs or Deputy Commissioner of Customs referred to in condition (2) above may allow:] Provided that in the case of,- (i) manufacturer exporter and merchant exporter having supporting manufacturer (s) or vendor(s); (ii) import of irrigation equipment for use in contract farming for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ined in condition (3) above, where the Licensing Authority grants extension of block - wise period for any block(s) or overall period of fulfillment of export obligation upto a period of two years or regularization of shortfall in export obligation, not exceeding five percent of such export obligation, the said block-wise period or overall period of export obligation shall be extended/condoned by the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be: Provided that in respect of sick units as specified in the second proviso to condition (2) above, extension of overall period of export obligation shall not be allowed. 3. Where the goods specified in the said Table are found defective or unfit for use, the said goods may be re-exported back to the foreign supplier within 3 years from the date of payment of duty on the importation thereof: Provided that at the time of re-export, the goods are identified to the satisfaction of the Deputy Commissioner of Customs or Assistant Commissioner of Customs as the goods which were imported. 4. where the total exports of a sector or product group during the year 2007-08 has declined by more tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gulation) Act,1992 (22 of 1992) or an officer authorised by him to grant a licence under the said Act; (4) export obligation , - (i) in relation to importers other than those rendering services, means exports, to a place outside India, of products manufactured with the use of capital goods imported, assembled or manufactured in terms of this notification: Provided that export obligation may also be fulfilled by,- (a) export of same products capable or being manufactured with the use of said capital goods; or (b) export of same products manufactured in different units of the licence holder; or (c) through third party exports made by an exporter or manufacturer on behalf of the licence holder by exporting the same product and in such cases, inter-alia the Shipping bills shall indicate name of both the third party and the licence holder; or (d) making supplies of same product in terms of sub- paragraphs (a) (b) (d) (e) (f) (g) (h) (i) and (j) of paragraph 8.2 of the Export and Import Policy; or (e) export of other goods manufactured by the importer; (ii) in relation to importers rendering services, means, receiving payments in freely convertible foreign c ..... 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