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Notification No. 111/1995, Dated 5th June 1995

EPCG Scheme - exemption to import

5-6-1995

Notification No. 111/95-Customs

               In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts goods specified in the Table annexed hereto from whole of the duty of customs leviable thereon which is specified in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and so much of the additional duty leviable thereon under section 3 of the said Customs Tariff Act, as is in excess of the amount calculated at the rate of 10% of the value of goods :

        Provided that where the said goods are required for the manufacture of leather garments, textile garments (including knitwears), agro products and products of horticulture, floriculture and poultry, such goods shall be exempt from the whole of the additional duty leviable thereon under section 3 of the said customs Tariff Act.

        2. The exemption contained in paragraph 1, shall be subject to the following conditions, namely :-

        (1) The goods imported are covered by a valid licence 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 of goods free of duty and the said licence is produced for debit by the proper officer of the customs at the time of clearance :

        Provided that for the import of spare parts, the validity period of the licence shall be deemed to be the period permitted for fulfilment of the export obligation in full. '

        (2) Omitted.

        (3) The importer executes a bond in such form and for such sum and with such surety or security as may be specified by the Assistant Commissioner of Customs or Deputy Commissioner of Customs binding himself to fulfil export obligation equivalent to six times the CIF value of the goods imported on FOB basis, or four times of the CIF value on Net Foreign Exchange basis as specified in the licence, or for such higher sum as may be fixed by the Licensing Authority, within a period of eight years in the following proportions :-

S.No.

Period from the date of issue of licence

Proportion of total export obligation

(1)

(2)

(3)

1.
2.
3.
4.

Block of 1st and 2nd year
Block of 3rd and 4th year
Block of 5th and 6th year
Block of 7th and 8th year

NIL
15% 
35% 
50%:

         "Provided that where the CIF value of licence is not less than Rs.100crores, the export obligation shall be fulfilled within a period of 12 years from the date of issue of licence in the following proportions, namely: -

S.No.

Period from the date of issue of licence

Proportion of total export obligation

(1)

(2)

(3)

1.
2.
3.
4.

Block of 1st,2nd,3rd,4th,and 5th Year
Block of 6th 7th and 8th Year
Block of 9th and 10th Year
Block of 11th and 12th Year

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