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Wednesday, Oct 02, 2002

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Fly in the carpets

THE taboo on the import of carpets, crockery, marble, and chandelier and so forth by `service providers' is off because of a benign circular from the CBEC Customs. Till recently, those providing `services' could not import these `consumer items' under the Export Promotion Capital Goods (EPCG) scheme. The affected ones - especially those in the tourism and hotel industry - have been representing to the Government that these consumer items were required "for rendering service and earning foreign exchange".

So, the board has decided that service providers who actually require consumer items such as carpets and so forth shall be allowed EPCG benefit. Import of these consumer items would be allowed wherever DGFT authorities have issued EPCG licences for these items and the same is valid to cover imported goods. (Circular No 62/2002 dated September 26, 2002)

Extended `large'

RBI has extended the `special financial package' for `large value exports' by one year, and so it would be valid up to September 30, 2003. In September last year, the RBI had offered the package for select products, which are internationally competitive and have high value addition. The scheme was to run for a year and covered exports of 10 select products, viz. pharmaceuticals, agro chemicals, transport equipment, cement, iron and steel, electrical machinery, aluminium, petroleum products, sugar and food-grains.

What is `special' in the package is credit for periods up to 365 days at pre-shipment as well as post-shipment stage as against 270 days and 180 days available to the normal pre-shipment and post-shipment credit, respectively and the same rate of interest as that applicable to normal pre-shipment and post-shipment credit even for the period extended beyond 270 days and 180 days for pre-shipment and post-shipment credit, respectively. (Press Release No 340/2002-2003 dated September 28, 2002)

D. Murali

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