CUS NTF NO.121/2001 Date 19/11/2001
Deemed Export benefits for (i) Vindhyachal STPP Stage II in Madhya Pradesh and (ii) Kayamkulam CCPP in Kerala, subsequent to closure of World Bank loan in March, 1999. 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 makes the following further amendment in the notification of Government of India in the Ministry of Finance (Department of Revenue),
No.50/2000-Customs, dated the 27th April, 2000, namely:-
In the said notification, in the Explanation, in clause (iii), after sub-clause (o), the following subclause shall be inserted, namely:-
(p) supply of goods to Vindhyachal Super Thermal Power Project (STPP) Stage-II in the State of Madhya Pradesh and Kayamkulam Combined Cycle Power Project (CCPP) in the State of Kerala in terms of the Public Notice of the Government of India in the Ministry of Commerce, No.18(RE-01)/1997-2002, dated the 7th June, 2001,
Sd/-
(Alok Jha)
Under Secretary to the Government of India
Note: The principal notification No.50/2000-Customs, dated the 27th April, 2000 was published in the Gazette of India, Extraordinary vide GSR No. 366(E), dated the 27th April, 2000 and it was amended by notification
No. 140/2000-Customs, dated the 14th November, 2000 vide GSR No.867(E) dated the 14th November, 2000.
DGFT PUBLIC NOTICE NO. 18 (RE-01)/1997-2002 DATED THE 7th June, 2001Subject: Deemed Export benefits for (i) Vindhyachal STPP Stage-II in Madhya Pradesh and (ii) Kayamkulam CCPP in Kerala, subsequent to closure of World Bank loan in March, 1999.
In exercise of the powers conferred under Paragraph 4.11 of the Export and Import Policy, 1997-2002, as notified in the Gazette of India Extraordinary, Part II, Section 3, Sub-Section (ii) vide S.O. No. 283(E) dated 31.3.1997, the Director General of Foreign Trade hereby makes the following amendments –
2. As per Paragraph 10.2(d) of the EXIM Policy, 1997-2002 read with Appendix 40 of Hand Book of Procedures, Vol. 1, 1997-2002, supply of goods to projects financed by World Bank (IBRD & IDA) are entitled for deemed export benefits as given under Paragraph 10.3 of EXIM Policy.
3. (i) Vindhyachal Super Thermal Power Project (STPP) Stage-II in Madhya Pradesh; and (ii) Kayamkulam Combined Cycle Power Project (CCPP) in Kerala are likely to be financed by further World Bank (IBRD & IDA) loans. The matter of extending deemed export benefits for supply of goods to the above stated projects has been considered in consultation with Ministry of Finance. It has been decided that deemed export benefits as given under Paragraph 10.3 of the EXIM Policy shall be available for supplies of goods to the above stated projects, as if these projects are financed by World Bank (IBRD & IDA).
4. In case the bids are invited under the World Bank Procedures and the World Bank loan fails to come through, for any reason, the deemed export benefits would be available as if the supplies have been effected under Paragraph 10.2(d) of the EXIM Policy. However, in case further World Bank loan is not available to NTPC, for any reasons, then in respect of supplies made from 1.4.1999 (effective date of closure of World Bank loan) to 31.3.2000, National Thermal Power Corporation Ltd. (NTPC) would reimburse to the Government of India the cash equivalent of the two benefits i.e. benefit of (i) Special Imprest Licence/Advance Intermediate Licence and (ii) deemed export drawback scheme availed by the suppliers for the above stated projects under Paragraph 10.3(a) and (b) of the Exim Policy, 1997-2002. In respect of supplies made after 1.4.2000, in the eventuality of World Bank funding not being available, for any reason, NTPC would reimburse the cash equivalent of deemed export benefit of Refund of Terminal Excise Duty, availed by the suppliers under Para 10.3 (c) of the Exim Policy 1997-2002, for the above stated projects.
5. This issues in Public interest.
Presented by eximkey.com