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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:

  • 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  • Quantitative restrictions on 69 import items and 5 export items withdrawn.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.
The Exim Policy 2003-04

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