Import of spares under EPCG Scheme - 23 (RE-2001) 1997-2002 - Foreign Trade Policy

Import of spares under EPCG Scheme TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARYPART-II, SECTION-3, SUB SECTION (ii) Government of India Ministry of Commerce and Industry Department of Commerce NOTIFICATION No: 23(RE-2001) 1997-2002 NEW DELHI : the 1 st 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). 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." 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)." S.No's (x) and (xi) of the Gem and Jewellery sector under Appendix 1 is corrected as under: Name of the Sector Minimum NFEP Minimum EP for five years Diamond (x) Cut and polished diamonds (with per carat realization of more than US $ 260 FOB and upto US $ 400 FOB) (xi) Cut and polished diamonds (with per carat realization upto US $ 260 FOB) 20% 25% US $ 1 million or 3 times the CIF value of imported capital goods, whichever is higher. -do- This issues in public interest. (N.L. Lakhanpal) Director General of Foreign Trade and ex -officio Additional Secretary to the Government of India (A Bipin Menon) Dy Director General of Foreign Trade (File No: 01/94/180/68/AM02/ PC IV)