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Highlights of the Exim Policy
March 31, 2003 14:27 IST
Following are the highlights of Exim Policy released on Monday, March 31, 2003:
The Exim Policy 2003-04
- Duty free import for services with forex earnings of at least Rs 10 lakh (Rs 1 million).
- Corporates encouraged to sponsor agri-export zones.
- DEPB rate for agro products, factor in input costs like fertiliser.
- Duty-free import entitlement for status holders having incremental growth of more than 25 per cent.
- Annual advance licence facility for status holders.
- Input-output norms for status holders within 60 days.
- Free movement of professional equipment in STPI.
100 per cent depreciation to computers and peripherals for 3 years.
- Hardware admissible for duty free import.
- Diamond and jewellery dollar account for exporters' deal.
- Upgradation of infrastructure in export clusters.
- Export obligation period to be allowed to sick units for rehabilitation.
- Quantitative restrictions on 69 import items and 5 export items withdrawn.
Sales from domestic tariff area to SEZs to be treated as export.
- Foreign bound passengers to be allowed to take goods from SEZs to promote trade.
- Domestic sales by SEZ units exempted from SAD.
- SEZ units can capitalise import payables.
- SEZ units allowed to sell through exhibitions, duty free shops and shops set up abroad.
- Duty free goods for operation of SEZ units.
- EOUs to be only net positive forex earners with no export performance requirement.
- Export/import through parcel/courier by EOUs allowed.
Gems and jewellery EOUs entitled to advance domestic sales.
- Utilisation period of raw materials for EOUs increased to three years.
- EPCG scheme allowed import of capital goods for production and post-production facilities.
- Import of spares allowed under the EPCG scheme.
- Export obligation of 50 per cent for higher product chains done away with.
- Capital goods up to 10 years old allowed under the EPCG.
- Facility for provisional DEPB rate introduced.
- DEPB rates rationalised.
Standard input output norms for 403 new products notified.
Value addition under DFRC scheme reduced to 25 per cent.
- High priority accorded to EDI implementation programme to minimise transaction cost.
- Actual user condition for import of second hand capital goods up to 10 years old dispensed with.
- Penal interest rate reduced to 15 per cent for old cases of default.
- Restriction on export of warranty spares removed.
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