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TMI BlogAmendments in various Customs Notifications on account of announcement of New Foreign Trade PolicyX X X X Extracts X X X X X X X X Extracts X X X X ..... hall be substituted, namely:- " In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 ( 52 of 1962), the Central Government being satisfied that it is necessary in the public interest so to do, hereby exempts the goods - (a) as specified in Annexure -I to this notification,- (i) upto one per cent. of the Free On Board (FOB) value of preceding financial year of the export of plain or studded Jewellery made of gold or platinum, when imported by the exporter of such gold jewellery or platinum jewellery; (ii) upto two per cent. of the Free On Board ( FOB) value of preceding financial year of the export of Jewellery made of silver imported by the exporter of such silver jewellery; (b) as specified in Annexure -II to this notification upto one per cent. of the Free On Board (FOB) value of preceding financial year of the export of cut and polished diamonds when imported by the manufacturer and exporter of such cut and polished diamonds, when imported into India against the Replenishment Licences referred to in para 4.80 of Handbook of Procedures, Volume I, 1 st September, 2004 -31 st March, 2009 published by the Government of Indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndia in the Ministry of Commerce and Industry vide notification No. 1/2004-09, dated the 31 st August, 2004, as amended from time to time;'; (ii) in clause (b), for the words, letters and figures " Public Notice No. 1/2002-07, dated 31 st March, 2002", the words, letters and figures "Public Notice No. 1/2004-09, dated the 31 st August, 2004" shall be substituted. (iii) for clause (d), the following clause shall be substituted, namely:- ' (d) "status holder" means the exporter recognized as one star export house, two star export house, three star export house, four star export house and five star export house by the Director General of Foreign Trade.'. 4. 57/2000-Customs, dated the 8 th May, 2000. In the said notification,- (a) for the words " Export and Import Policy" wherever they occur, the words "Foreign Trade Policy" shall be substituted; (b) in the clause (a), for the words and figures "Paragraph 4.49 of the Export and Import Policy", the words and figures "paragraph 4.4.9 of the Foreign Trade Policy" shall be substituted; (c) in Explanation ,- (i) for clause (a), the following clause shall be substituted, namely:- '(a) "Fore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate of duty of customs specified under First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and nil additional duty leviable under section 3 of the said Customs Tariff Act, read with exemption notification in this regard, if any, no exemption in respect of inputs utilized for the purpose of manufacture of such finished goods (including rejects, waste, scrap, remnant and by-products) shall be available under this notification."; (c). in the paragraph 4, in proviso, for clause (a) and Explanation , the following shall be substituted, namely:- "(a) such clearance or debonding of capital goods may be allowed on payment of duty on the depreciated value thereof and the rate in force on the date of debonding or clearance, as the case may be. The depreciation shall be allowed in straight line method as specified below, namely:- (i) for computer and computer peripherals: for every quarter in the first year @ 10% for every quarter in the second year @ 8% for every quarter in the third year @ 5% for every quarter in the fourth and fifth year @ 1% (ii) for capital goods other than computer and computer periphera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... material, he shall allow such unit to clear such unutilized left over textile fabric or textile material into Domestic Tariff Area on payment of duty on transaction value, as if the goods have been manufactured in the unit: Provided that such clearance shall be allowed only where the said officer certifies that the textile fabric or textile material proposed to be cleared are left over, and such clearance do not exceed two per cent. of CIF value of the imported consignment or two per cent. of the quantity of the imported consignment to which this left over textile fabric or textile material relates, whichever is lower."; (g) in Explanation occurring after paragraph 13,- (a) for clause (iii), the following clause shall be substituted, namely:- '(iii) "Foreign Trade Policy" means the Foreign Trade Policy, 1 st September, 2004-31 st March, 2009" published by the Government of India in the Ministry of Commerce and Industry vide notification No. 1/2004-09, dated the 31 st August, 2004, as amended from time to time.'; (b) for clause (vi), the following clause shall be substituted, namely :- "(vi) 'Handbook of Procedures, Volume I' means Handbook of Procedures,Vo ..... 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