CBEC amends rules to allow benefits if exports are made to Nepal and Bhutan in freely convertible currency - 019/2005 - Central Excise - Non Tariff

CBEC amends rules to allow benefits if exports are made to Nepal and Bhutan in freely convertible currency

NOTIFICATION NO. 19/2005-CE(N.T.)

DATED 29/04/2005

G.S.R. (E). -In pursuance of rule 19 of the Central Excise Rules, 2002, the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), number 43/2001-Central Excise (N.T.), dated the 26th June, 2001, namely: -

2. In the said notification-

1) in the opening paragraph, the phrase "except Nepal and Bhutan" shall be omitted;

2) after paragraph (i), the following proviso and Explanation shall be inserted, namely:-

" provided that for exports to Nepal and Bhutan, the provisions of this notification shall be applicable only where payment is in freely convertible currency.

Explanation.- For the purposes of this notification,

"Freely convertible currency" means Asutralian Dollars, Austrian Schillings, Baharin Dinars, Belgian Francs, Canadian Dollars, Danish Kroners, Deutsche Marks, European Currency Units (Euros), French Francs, Hongkong Dollars, Italian Lire, Japanese Yen, Kuwaiti Dinars, Malaysian Dollars, Netherlands Guilders, Norwegian Kroners, Pounds Sterling, Singapore Dollars, Swedish Kroners, Swiss Francs and the U.S.A. Dollars (and includes Indian Rupees bought by the Asian Development Bank by payment to the Reserve Bank of India in foreign exchange).".

(3) after paragraph (vi), the following shall be inserted, namely,-

"(vii) for export of goods to Nepal and Bhutan, the conditions, safeguards and procedure specified in the Ministry of Finance (Department of Revenue) notification Number 45/2001-CE (N.T.) dated the 26th June, 2001 shall apply.".

(Neerav Kumar Mallick)

Under Secretary to the Government of India

[F.No.209/6/2005-CX.6]

Note : The Principal Notification was published in the Gazette of India vide notification Number 43/2001-Central Excise (N.T.), dated 26th June, 2001 [G.S.R.472 (E) dated26th June, 2001] and was last amended vide notification No.15/2005-CE(N.T.), dated 1st March, 2005 [G.S.R.144 (E), dated 1st March, 2005].