CUS NTF 9/98-CUS DATED 23-4-98
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 amendments, in the notifications of the Government of India, in the
Ministry of Finance, (Department of Revenue) No. 29/97-Customs dated the Ist
April, 1997, namely:-
(1) In the said Notification, in condition (2) for the second proviso the following
privisos shall be substituted, namely:-
"Provided further that in case of a licence of CIF value of Rs. one crore of
more but less that Rs. Twenty Crores, where the licence is issued with an
obligation to export products of electronics, food processing, garments,
leather, sport goods, gem & jewellery, agriculture, animal husbandary,
floriculture, horticulture, pisclculture, viticulture, poultry & sericulture
sectors, 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 Ist and 2nd year, 3rd and 4th year and 5th and 6th year shall
respectively be 15%, 35% & 50%. Provided also that in case of licence of CIF
value of Rs. ten lakhs or more but less that 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, respectively be 15%
35% and 50%.
2. In condition 5 for the proviso the following provisos shall be substituted, namely:-
"Provided that in case of licences issued with an obligation to export products of electronics, food processing, garments, leather, sport goods, gem & jewellery, agriculture, animal husbandary, floriculture, horticulture, pisclculture, viticulture, poultry & Sericulture sectors the minimum value together with the value of the spares specified in the table annexed hereto shall be rupees one Crores.
Provided further that in case of licences issued with an obligation to export products of software sector, 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 rupee ten lakhs.
Provided also that if a licence has actually been utilised for import of a value in excess of or less that 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, 1998.
3. In explanation in clause (4) for the words, brackets, letters and figures, "clauses (a), (b), (a) (c) and (f) (b), (e), (f) and (g) of paragraph 10.2 of the Export and Import Policy" shall be substituted.
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