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Amendments in DEPB Scheme
Public Notice No. 10 dated 21st May 1997
1. Attention is invited to paragraph 7.25 of the Export and Import Policy 1997 -2002 and Public Notice No.5 (PN)/ 97-2002 dated 8th April, 1997.
2. In exercise of the powers conferred under paragraph 4.11 of the Export and Import Policy, 1997 -2002, the Director General of Foreign Trade hereby notifies the credit rates under DEPB scheme in respect of items as given in the Annexure to this Public Notice. The annexure will form part of Appendix-28A of Handbook of Procedures (Vol.1), 1997-2002.
3. The following shall be inserted as paragraph 7.36A after the existing paragraph 7.36 in the Handbook (Vol.1)
Credit under DEPB and Present Market Value.
7.36A In respect of products where the rate of credit entitlement under DEPB Scheme comes to 15% or more the amount of credit against each such export product shall not exceed 50% of the Present Market Value (PMV) of the export product. At the time of export, the exporter shall declare on the shipping bill that the benefit under DEPB Scheme against the export product would not exceed 50% of the PMV of the export product. Such a declaration shall be required only in cases where rate of credit under DEPB is 15% or more.
4. The following shall be inserted as paragraph 7.50 after the existing paragraph 7.49:
Exports in anticipation of credit rate
7.50 The exporter may export product for which credit rate is not notified provided that such export products are covered under Standard Input Output Norms, which are listed in the Handbook of Procedures (Vol. 2), 1997-2002. In case the credit rate for such products are notified, the exporter shall be entitled for DEPB provided an application for issuance of DEPB is made within a period of 90 days from the date of exports or 60 days from the date of notification of credit rate, whichever is later. However, in such cases exports made, shall be entirely on the risk and responsibility of the exporter.
5. This issues in public interest.
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