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Amendments in EPCG and Diamond REP Policy
Notification No. 23 dated 1st
August 2001
In
exercise of the powers conferred by section 5 of the Foreign Trade (Development
and Regulation) Act, 1992 (No. 22 of 1992) read with paragraph 1.3 of the Export
and Import Policy, 1997-2002 (incorporating amendments made upto 31.03.2001),
the Central Government hereby makes following amendments in the Export and
Import Policy, 1997-2002 (incorporating amendments made upto 31.03.2001).
1.
Paragraph 6.2 is corrected as under:
"Capital Goods (CG), including jigs, fixtures, dies, moulds and
spares may be imported at 5% Customs duty subject to an Export Obligation
equivalent to 5 times the CIF value of capital goods on FOB basis or 4 times the
CIF value of capital goods on NFE basis to be fulfilled over a period of 8 years
reckoned from the date of issuance of the licence. However imports of spares
under this scheme would be restricted to 20% of the CIF value of the licence.
For calculation of NFE, the provision of paragraph 12.6 of the Policy
shall apply."
2.
The last sentence of paragraph 8.37 is corrected as under:
"Such REP licences are valid for import of items as given in
Handbook (Vol 1)."
3. S. No�s (x) and (xi) of the Gem and
Jewellery sector under Appendix 1 is corrected as under:
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Name
of the Sector
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Minimum
NFEP
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Minimum
EP for five years
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Diamond
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(x)
Cut and polished diamonds (with per carat realization of more than US $
260 FOB and upto US $ 400 FOB)
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20%
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US
$ 1 million or 3 times the CIF value of imported capital goods, whichever
is higher.
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(xi)
Cut and polished diamonds (with per carat realization upto US $ 260 FOB)
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25%
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US
$ 1 million or 3 times the CIF value of imported capital goods, whichever
is higher.
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4.
This issues in public interest.
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