| Date: |
28-10-1999
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| Notification No: |
Customs Circular No 72/1999
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| Issuing Authority: |
Indian Customs
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| Type: |
Circular
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| File No: |
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| Subject: |
DEPB - Transfer facility restored
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DEPB - Transfer facility restored
Circular No. 72 dated 28th
October 1999
Circular No.
14/ 99-Cus. dated
15th March. 1999 was issued by the Board to streamline the procedure for
verification of DEPB scrips, subsequent to the detection of acquisition of DEPB
scrips by unscrupulous exporters on the basis of forged documents.
2. The
procedure was laid down vide Annexure attached to the said Circular, which IS a
copy of the Standing Order issued by Mumbai Custom House on this Issue. Para 7
of this Standing Order has come in for close scrutiny, since it imposes a
restriction that a DEPB scrip can be transferred only once from the original
allottee to the importer. and not through third parties.
3.
The issue mentioned in the preceding para has been re- examined in
consultation with DGFT. Para 7.32 of Exim Policy states that "the DEPB on
post export basis are freely transferable." Furthermore, no restriction has
been placed on transfer of DEPB scrips in customs notifications. viz.
Notification No. 34/ 97-Cus. dated 7.4.97. as amended.
Wherein condition no. (vii) uses the term 'DEPB holder', which cannot be
restricted to mean an original allottee of the DEPB scrip who has obtained the
same from DGFT�s Issuing office-
4. In
view of above. It has been decided that para 7 of the standing order annexed
with Board�s Circular No. 14/
99-Cus. is hereby deleted. The rest of the Standing Order and the Circular shall
continue to be in force.
5. The receipt of
this Circular may please be acknowledged.
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