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'Fast Track Clearance' for goods imported by eligible importers
Circular
No. 15
dated
11th March 1998
I am directed to refer to the circular No. 63/ 97
dated 21st November 1997 on the above subject. Since the issue of the
circular, the Board has received several suggestions from the Ministry of
Commerce, Department of Electronics and Commissioners of Customs. These have
been examined and it has been decided to make the following modifications:
(i) Sl. No. 17 of
Annexure-I covers electronic items, which are excluded from the purview of the
Scheme. These items when imported by manufacturer - importers having investment
of Rs. 30 crores and above, would now be eligible for the facility under the
Scheme. Further investment referred in para 4(A) (vii) refers to total capital
employed, in plant and machinery etc. whether from equity or debt.
(ii) Para 4D (ii) of the
Scheme requires a minimum balance of Rs. 5 lakhs in the importer's PD account.
This requirement stands deleted in consideration of the difficulties expressed
by the Trade and Industry.
(iii) Para 4(H) requires that the
goods should be retained in the declared premises of the importer for a period
of 3 days after the date of clearance. It has been represented that this
requirement is causing delay in utilization of the material. It has been decided
that the importer may continue to declare the location or their factory/
warehouse, where they would be storing the goods but the requirement of
keeping the goods in storage for 3 days would not be applicable to manufacturers
who can use their goods immediately on receipt. However traders who import goods
for resale would be required not to dispose of the goods within 3 days including
transit, if any.
The aforesaid modifications may kindly be brought to
the notice of Trade as well as Department Officers by issuing suitable public
notice and standing order.
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