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Epcg Scheme

Epcg Scheme

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Published by palavsagar

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Categories:Types, Research
Published by: palavsagar on Dec 23, 2009
Copyright:Attribution Non-commercial

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01/02/2014

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EPCG SCHEME
The scheme allows import of capital goods for pre production, production and post production
It is allowed at 5% Customs duty subject to an exportobligation equivalent to 8 times of duty saved on capital goodsimported under EPCG scheme to be fulfilled over a period of 8years reckoned from the date of issuance of license.
Capital goods would be allowed at 0% duty for exports of agricultural products and their value added variants.
 
Capital Goods of EPCG Scheme
The capital goods shall include spares, tools, jigs, fixtures, dies andmoulds. EPCG license may also be issued for import of componentsof such capital goods required for assembly or manufacturer of capital goods by the license holder.
Second hand capital goods without any restriction on age may also beimported under the EPCG scheme.
Spares, tools, refectories, catalyst and consumable for the existing andnew plant and machinery may also be imported under the EPCGscheme
 
However, import of motor cars, sports utility vehicles/ all purposevehicles shall be allowed only to hotels, travel agents, tour operatorsor tour transport operators whose total foreign exchange earning incurrent and preceding three licensing years is Rs 1.5 crores.
 
How to obtain an Import license under EPCG Scheme?
Application in the form given in Appendix 10 A of theHand Book 
Licenses are issued, under this scheme by the director general of foreign trade or his regional officersdepending upon the value of the license subject toexecution of legal undertaking and bank guarantee
The import licenses issued under this scheme shall bedeemed to be valid for the goods already shipped/arrived provided, the customs duty has not been paidfor the goods have not been cleared from thecustoms

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what are the penalties in case of default under epcg

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