Attention is invited to paragraph 7.25 of the Exim Policy (RE-98) 1997-2002 which only allows DEPB credit for exports made in freely convertible currency. Clarifications have been sought as to whether exports made under counter trade agreement and export proceeds realised through ‘Escrow Account’ in US$ shall be entitled for DEPB benefits or not. The matter has been taken with the RBI which inturn has clarified that export made to Russian Federation against non-repatriable US dollars shall not be covered under the category of freely convertible currency and thus shall not be entitled for DEPB benefit. Accordingly, exports made under counter trade. agreement and export proceeds realised through ‘Escrow account’ in US$ is not entitled for DEPB benefit.
Payment of fees: The credit will be given for fees paid by the earlier merchant banking entity (transferor) to the entity to which the registration is being transferred (transferee).
The description of the export product at S.No.91 under the product group Engineering, in the annexure to Public Notice No. 6(RE-98) 1997-2002 dated 15.4.98 may be corrected to read as Cold Rolled Galvanised Colour Coated Sheets/Strips/Wide coils of Colour Coated steel sheets/ CRGP/GC sheets/strips/wide coils.
F.No. 354/62/97-TRU Attention to drawn to notification No. 15/98CE(NT) dated 2.6.98 wherein a proviso is added to Sub-Rule (7) of Rule 52A. By insertion of this Sub-Rule Commissioners may be general or special order exempt an assessee or class of assesses from pre-authenticating each foil of invoice book and from intimating serial number of the invoices.
