Condonation limit for storage loss, handling loss and transit loss in respect of Natural Gasoline Liquid (NGL) - regarding. - Central Excise - 292/8/97-CX

Circular No. 292/8/97-CX dated 24/1/97 F.No. 26127/2/95-CX.8 Government of India Ministry of Finance Department of Revenue, New Delhi Subject: Condonation limit for storage loss, handling loss and transit loss in respect of Natural Gasoline Liquid (NGL) - regarding. It is been reported to the Board that Natural Gasoline Liquid (NGL) is a highly volatile item and losses are noticed due to evaporation during the course of loading, unloading, transportation and warehousing / storage of this item and therefore a Condonation limit for storage losses, transit losses and handling losses should be prescribed by the Board as in the case of some other petroleum products. The matter has been examined by the Board. It has been decided to prescribe a cumulative loss allowance towards storage losses, transit losses and handling losses, upto a maximum ceiling of 0.5% of the NGL, subject to adjustments and decision on losses on monthly basis. Sd/- (P.K. Sinha) Under Secretary (CX.6)