Capital goods, components and spares thereof imported under EPCG Scheme - Amendment to Notification No. 29/97-Cus. - 09/98 - Customs -Tariff

Capital goods, components and spares thereof imported under EPCG Scheme - Amendment to Notification No. 29/97-Cus. Notification No. 9/98-Cus. Dated 23-4-1998 In exercise of the powers conferred by sub-section (1) of section 25 of Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the Public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 29/97-Customs, dated the 1st April, 1997, namely :- 1. In the said notification, in condition (2) for the second proviso, the following provisos shall be substituted, namely :- "Provided further that in case of a licence of CIF value of Rs. One Crore or more but less than Rs. Twenty Crores, where the licence is issued with an obligation to export products of electronics, food processing, garments, leather, sport goods, gem jewellery, agriculture, animal husbandry, floriculture, horticulture, pisciculture, viticulture, poultry sericulture sectors, the export obligation shall be required to be discharged in six years from the date of issue of licence and the proportion of total export obligation for the block of 1st and 2nd year, 3rd and 4th year and 5th and 6th year shall respectively be 15%, 35% 50%. Provided also that in case of licence of CIF value of Rs. ten lakhs or more but less than twenty crores, where the licence is issued with an obligation to export products of software sector, the export obligation shall be required to be discharged in six years from the date of issue of licence and the proportion of total export obligation for the block of 1st and 2nd year, 3rd and 4th year, and 5th and 6th year respectively be 15%, 35% and 50%." 2. In condition 5, for the proviso, the following provisos shall be substituted, namely :- "Provided that in case of licences issued with an obligation to export products of electronics, food processing, garments, leather, sport goods, gem and jewellery, agriculture, acqaculture, animal husbandry, floriculture, horticulture, pisciculture, viticulture, poultry and sericulture sectors, the minimum value together with the value of the spares specified in the Table annexed hereto shall be rupees one Crore. Provided further that in case of licences issued with an obligation to export products of software sector, the minimum value together with the value of the spares specified in the Table annexed hereto shall be rupees Ten lakhs. Provided also that if a licence has actually been utilised for import of a value in excess of or less than 10% of the CIF Value of the licence, shall be deemed to have been enhanced or reduced as the case may be, by that proportion and the export obligation shall accordingly be enhanced or reduced as per the actual utilisation of the licence in terms of para 6.3 of the Export and Import Policy 1997-2002 revised upto 13th April, 1998. 3. In explanation in clause (4) for the words, brackets, letters and figures "clauses (a), (b), (d), (e) and (f) of paragraph 10.2 of the Export and Import policy" the words, brackets, letters and figures "clauses (a), (b), (d), (e), (f) and (g) of paragraph 10.2 of the Export and Import Policy" shall be substituted.