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

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..... 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 : .....

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..... 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 respectivel .....

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..... 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, .....

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