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TMI BlogDuty Exemption Scheme-Customs clarifications on the new EXIM policyX X X X Extracts X X X X X X X X Extracts X X X X ..... he revised Exim Policy has undergone many important changes. Consequential notifications to give effect to some of these changes have been issued by the Department of Revenue simultaneously with the publication of revised Exim Policy. Notification No. 79/95- Customs dated 31.3.95 will be relevant for imports and exports under Value based Advance Licences issued on or after 1.4.95 where as Notification No. 80/95-Customs dated 31.3.95 will apply to imports and export against Quantity based Advance Licences issued on or after 1.4.95 (copies enclosed). I. Changes in VABAL Scheme and Qabal Scheme Levy of Additional Duty 2.1 The most significant change in Value based Advance Licensing Scheme and Quantity based Advance Licensin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties for fulfillment of the conditions of the notifications. The bond to be executed will be in addition to the bond/ LUT required to be executed with the Licensing authorities. The bond has to be for the duty difference (e.g. basic customs duty only) and with such surety/ security as may be specified. The extent of surety security should be decided by the Customs Houses based on status of the importer i.e. whether Trading House, Export House manufacturer - exporter etc., keeping in view the instructions issued by the Board from time to time in this regard. Bond would, however, not be necessary where certificate of discharge or Export obligation has been obtained from the Licensing authorities. Transferability 2.5 All Value b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Copy enclosed) accordingly. Difference Between VABAL and QABAL 2.7 In terms of the revised Exim Policy issued on 31.3.95 read with Notification No. 79/95-Customs and 80/95-Csutoms both dated 31.3.95, the difference between VABALs and QABALs is a under :- (a) In case of QABALs each item of inputs will be restricted in terms of quantity (or value where restrictions cannot be put in quantity terms), whereas in case of VABALs any item of input shall be permissible for import upto full value of licences, except for sensitive items which will be subject to quantitative limits. 2.8 However, additional flexibility for imports for Electronics Industry and Writing Instruments manufacturers under VABAL Scheme wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ms Clearance Permits issued on or before 31.3.95. New Notification For Revised Para 58 3.1 To give effect to the provisions of new para 58 notification No. 81/95-Customs dated 31.3.95 (copy enclosed) has been issued. In terms of this notification goods supplied free of charge by the supplier to the importer for jobbing, repairing, servicing etc. shall be exempted from basic and additional duty of Customs subject to the condition that goods so imported and the resultant products are re-exported to the supplier of the goods. A minimum value addition of 10% will require to be achieved in terms of para 58 of the Exim Policy. The achievement of value addition requires to be monitored by the Customs Houses at the time of export. Whe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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