TMI BlogConcessional rate of duty of 15% for imports of Capital goods, components and spares under EPCG scheme - EXIM Policy 1997-2002X X X X Extracts X X X X X X X X Extracts X X X X ..... which is specified in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) as is in excess of the amount calculated at the rate of 15% ad valorem and whole of the additional duty leviable thereon 2 [ under sub-sections (1), (3) and (5) of section 3 ] of the said Customs Tariff Act, subject to the following conditions, namely:- (1) The goods imported are covered by a valid licence issued on or after 1st May, 1995 under the Export Promotion Capital Goods (E.P.C.G.) Scheme in terms of Export and Import policy (hereinafter referred to as the said Policy) permitting import on payment of duty of customs at the rate of 15% and the said licence is produced for debit by the proper officer of the customs at the time of clearance; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issiner of Customs] may allow, evidence to the satisfaction of the [Assistant Commissioner of Customs or Deputy Commissioner of Customs] showing the extent of export obligation fulfilled, and where export obligation of any particular year is not fulfilled in terms of the preceding condition, the importer shall within three months from the expiry of the said year pay an amount equal to that portion of the duty 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. (5) The importer shall, if he fails to discharge a minimum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of yearwise period of export obligation shall not be allowed more than once and more than a period of one year within a period of five years. Provided further that where the Licensing Authority grants further extension of the period for fulfilment of export obligation beyond the period as specified in this condition, then, subject to the satisfaction of such conditions as may be specified in a Public Notice of the Government of India in the Ministry of Commerce and Inustry in this regard, such export obligation may be extended, but shall in no case be extended beyond the 31st day of March, 2004. 1 [2. In a case of default in export obligation, when the duty on goods is paid to regularise the default, the amount of interest paid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry and sericulture; (c) rendering services; (ii) Export and Import Policy means the Export and Import Policy 1 April 1992- 31 March 1997 (Revised edition : March 1995) published vide notification of the Government of India in the Ministry of Commerce No.1 (RE-95)/92-97 dated the 31st March, 1995; (iii) Licensing Authority means the Director General, Foreign Trade appointed under section 6 of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992) or an officer authorised by him to grant a licence under the said Act; (iv) Omitted (v) export obligation , in relation to importers other than those rendering service means export to a place outside India of products manufactured with the use of capital goods impo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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