Financial Daily from THE HINDU group of publications
Saturday, Oct 29, 2005
Financial Daily from THE HINDU group of publications Saturday, Oct 29, 2005 |
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Industry & Economy
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Foreign Trade SEZ trading units allowed to import duty-free fuel Our Bureau
New Delhi , Oct. 28 THE Directorate General of Foreign Trade (DGFT) has permitted trading units located in the special economic zones (SEZs) to import fuels such as motor spirit, superior kerosene oil , high speed diesel, light diesel oil and fuel oil for the purpose of supply to 100 per cent export-oriented units (EOUs) and SEZ manufacturing units. The DGFT has amended the relevant rules of Handbook of Procedures and allowed this facility from October 26, a notification issued by the DGFT said. Reacting to this, the Director-General of Export Promotion Council for SEZ and EOUs, Mr L.B. Singhal, said this would further facilitate supply of duty-free fuel to EOUs and SEZ manufacturing units. Entrepreneurs will have to first set up a SEZ trading unit in any of the SEZs for import of fuel and supply the same to EOUs and SEZ manufacturing units. Mr Singhal said that it would be ideal if at least one such unit comes up in every SEZ so that duty-free fuels could be supplied to all the SEZ units in that particular SEZ as well as EOUs coming under its jurisdiction. Although EOU/SEZ units are allowed to import duty-free fuel directly, it becomes difficult for smaller units to import directly. Hence this mechanism would enable supply of duty-free fuel to EOUs/SEZ manufacturing units.
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