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In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy – 2004-09, the Central Government hereby amends Schedule – I (Imports) of the ITC(HS) Classifications of Export and Import Items, 2004-09.
It is hereby clarified that the above mentioned condition is applicable only for use as a passenger vehicle. For the limited purpose of carrying out endurance test, evaluation test and for other testing purposes, the vehicle may be registered as provided for in the CMVR Rules.
The existing DEPB rate of 7% with the value cap of Rs. 1120/- per piece notified vide Public Notice No. 37 dated 09.08.2005 for the export product “Hermetically Sealed Compressors for Refrigerators & Commercial Refrigeration Applications using eco friendly gases” appearing at Sr. No. 588 is made effective from 21.03.2005.
However, in case the import of spices is for value addition purpose like crushing/grounding/sterlisation or for manufacture of oils and oleoresins and not for simple cleaning, grading, re-packing etc., the export obligation shall be fulfilled within a period of 120 days.
