Amendment in Notification Nos 111/95 , 29/97, 49/2000, 44/2002 in relation to EPCG scheme

www.ieport.com
CUSTOMS NOTIFICATION No. 116/2002-CUSTOMS Dated 28 th October, 2002
Amendment in Notification Nos 111/95 , 29/97, 49/2000, 44/2002 in relation to EPCG scheme

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 directs that each of the notifications of the Government of India in the erstwhile Ministry of Finance (Department of Revenue), specified in column (2) of the Table annexed hereto, shall be amended or further amended, as the case may be, in the manner as specified in corresponding entry
in column (3) of the said Table, namely:-

Sl.No	Notification No and date	Amendment
1	111/95-Customs, dated the 5 th June, 1995.	In the said notification, in paragraph 2,- (i) in condition (3), for the second proviso, the following provisos shall be substituted, namely :- “Provided further that where a sick unit notified by the Board for Industrial and Financial Reconstruction (BIFR) is subsequently taken over by another unit for revival, the export obligation may be fulfilled within a period of 12 years from the date of issue of license: Provided also that export obligation of a particular block may be set off by the excess exports made in the said preceding block(s)”: (ii) In condition (8), in the proviso, for the words and figures, “of CIF value not less than Rs. 100 crores.” the words and figures “having overall export obligation period of 12 years.” shall be substituted.
2	29/97-Customs, dated 1 st April, 1997.	In the said notification, in paragraph 2,- (i) in condition (2), for the second proviso, the following provisos shall be substituted, namely:- “Provided further that where a sick unit notified by the Board for Industrial and Financial Reconstruction (BIFR) is subsequently taken over by another unit for revival, the export obligation may be fulfilled within a period of 12 years from the date of issue of licence: Provided also that export obligation of a particular block may be set off by the excess exports made in the said preceding block (s)”; (ii) in condition (7), in the proviso, for the words and figures “of CIF value not less than Rs. 100 crores.” the words and figures “having overall export obligation period of 12 years,” shall be substituted.
3	49/2000-Customs, dated 27 th , April 2000	In the said notification, in paragraph 2,- (i) in condition (2), for the second proviso, the following provisos shall be substituted, namely:- “Provided further that where a sick unit notified by the Board for Industrial and Financial Reconstruction (BIFR) is subsequently taken over by another unit for revival, the export obligation may be fulfilled within a period of 12 years from the date of issue of license: Provided also that export obligation of a particular block may be set off by the excess exports made in the said preceding block (s).”; (ii) in condition (6), in the proviso, for the words and figures “of CIF value not less than Rs. 100 crores,”, the words and figures “having overall export obligation period of 12 years,” shall be substituted.
4	44/2002-Customs, dated the 15 th April, 2002	In the said notification, in paragraph 2,- (a) in condition (2),- (i) in the first proviso, for the words and figures “not less than Rs. 100 crores” the words and figures “not less than Rs. 100 crores or where the license is issued to Units in the agri export zones as may be notified by the Director General of Foreign Trade in the Ministry of Commerce and Industry,” shall be substituted; (ii) for the second proviso, the following provisos shall be substituted, namely:- “Provided further that where a sick unit notified by the Board for Industrial and Financial Reconstruction (BIFR) is subsequently taken over by another unit for revival, the export obligation may be fulfilled within a period of 12 years from the date of issue of license: Provided also that the export obligation of particular block may be set off against the excess exports made in the said preceding block (s);”. (b) in condition (5), in the proviso, for the words and figures “where the CIF value of licenses is not less than Rs. 100 crores.”, the words and figures “in respect of license having overall export obligation period of 12 years,” shall be substituted.

F. No. 605/201/2001-DBK Issued by: Ministry of Finance and Company Affairs Department of Revenue New Delhi.

Note:- The principal notification No.111/95-Customs, dated the 5 th June, 1995 was published in the Gazette of India,
Extraordinary vide GSR No.481(E), dated the 5 th June, 1995 and was lastly amended by notification No.113/2002-Customs, dated, the 16 th October, 2002 vide GSR No. 704(E) dated the 16 th October, 2002. The principal notification No.29/97- Customs, dated, the 1 st April 1997 was published in the Gazette of India, Extraordinary vide GSR No. 185(E), dated, the 1 st April, 1997 and was lastly amended by notification No.113/2002-Customs, dated the 16 th October, 2002 vide GSR No. 704(E) dated the 16 th October, 2002. The principal notification No.49/00- Customs, dated the 27 th April, 2000 was published in the Gazette of India, Extraordinary vide GSR No. 365(E) dated, the 27 th April, 2000 and was lastly amended by notification No.113/2002-Customs, dated, the 16 th October, 2002. The principal notification No.44/2002-Customs, dated the 19 th April, 2002 was issued vide GSR No. 293(E) dated the 19 th April, 2002 and was lastly amended by Notification No.113/2002- Customs, dated, the 16 th October, 2002 vide GSR No. 704(E), dated the 16 th October, 2002.