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I am directed to refer to the circular No. 63/ 97 dated 21st November, 1997 on the above subject. Since the issue of the circular, the Board has received several suggestions from the Ministry of Commerce, Department of Electronics and Commissioners of Customs. These have been examined and it has been decided to make the following modifications:
(i) Sl. No. 17 of Annexure-I covers electronic items, which are excluded from the purview of the Scheme. These items when imported by manufacturer - importers having investment of Rs. 30 crores and above, would now be eligible for the facility under the Scheme. Further investment referred in para 4(A) (vii) refers to total capital employed, in plant and machinery etc. whether from equity or debt.
(ii) Para 4D (ii) of the Scheme requires a minimum balance of Rs. 5 lakhs in the importer's PD account. This requirement stands deleted in consideration of the difficulties expressed by the Trade and Industry.
(iii) Para 4(H) requires that the goods should be retained in the declared premises of the importer for a period of 3 days after the date of clearance. It has been represented that this requirement is causing delay in utilization of the material. It has been decided that the importer may continue to declare the location or their factory/ warehouse, where they would be storing the goods but the requirement of keeping the goods in storage for 3 days would not be applicable to manufacturers who can use their goods immediately on receipt. However traders who import goods for resale would be required not to dispose of the goods within 3 days including transit, if any.
The aforesaid modifications may kindly be brought to the notice of Trade
as well as Department Officers by issuing suitable public notice and standing