banking
overview
| news
| basics
|
lendings
|advanced banking
| products
| IT
in banking
RBI credit policy |
banking software|
deposits|
bank directory|
internet banking|
SBI page|
banking & you
Back to Main Page of Foreign Trade Policy-Annual Supplement 2006
11. DUTY FREE IMPORT AUTHORISATION SCHEME
Foreign Trade Policy 2004-09- Annual Supplement 2006
Export production requires use of many inputs in small quantities. Even though such inputs are allowed for import without payment of customs duty under Advance Licensing Scheme, exporters generally do not import them because of lack of economies of scale and are forced to source them locally at a higher price. The existing Duty Exemption Schemes have been of little help in such cases because of design limitations.
To address the issue, the salient features of the Advance Licensing scheme (which allows imports before exports) and Duty Free Replenishment Certificate (which allows transferability of import entitlements) have been clubbed to evolve a new scheme named Duty Free Import Authorisation Scheme. The new scheme offers the facility to import the required inputs before the exports. It allows transferability of scrip once the export obligation is complete.
Imports made under this authorisation will be exempt from payment of basic custom duty, additional customs duty, education cess, anti-dumping duty and safeguard duty, if any. The scheme will come into effect from 1st May, 2006.
Click for Foreign Trade Policy 2004-09- Full Text
Click for Foreign Trade Policy-Annual Supplement 2005
about us | contact us |
events | terms of use | disclaimer
©copyright banknetindia.com All rights reserved worldwide.