2.55

Duty free import of goods upto 1% of the FOB value of exports during the preceding licensing years as specified in the list 53 of Customs notification No.21/ 2002-Customs dated 1.3.2002, as amended from time to time, shall be allowed to the units having export turnover of Rs.20 Crores and above during the preceding licensing year if such importer has Research and Development wing which is registered with the Department of Scientific and Industrial Research in the Ministry of Science and Technology.

The eligible unit may furnish an application given in Appendix- 34 to the Regional Licensing Authorities under whose jurisdiction the registered office of company or head office of the firm is located.

The Regional Licensing Authority shall verify the application on the basis of the declaration given by the unit and countersigned by Chartered Accountant.