TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY
GOVERNMENT OF INDIA
MINISTRY OF COMMERCE & INDUSTRY
DEPARTMENT OF COMMERCE
PUBLIC NOTICE NO. 34 (RE-2000)/1997-2002
NEW DELHI: DATED THE 15 SEPTEMDBER, 2000
Subject: Deemed export benefits for Eastern Region System Coordination and Control (ERSC&C) Transmission Project under Paragraph 10.2(d) of the EXIM Policy.
In exercise of the powers conferred under Paragraph 4.11 of the Export and Import Policy, 1997-2002, as notified in the Gazette of India Extraordinary, Part II, Section 3, Sub-Section(ii) vide S.O. No. 283(E) dated 31.3.1997, the Director General of Foreign Trade hereby makes the following amendments –
2. As per Paragraph 10.2(d) of the EXIM Policy, 1997-2002 read with Appendix 40 of Hand Book of Procedures, Vol. 1, 1997-2002, supply of goods to projects financed by World Bank (IBRD & IDA) are entitled for deemed export benefits as given under Paragraph 10.3 of EXIM Policy.
3. Eastern Region System Coordination and Control (ERSC&C)Transmission Projects are likely to be financed by World Bank (IBRD & IDA).The matter of extending deemed export benefits for supply of goods to the above stated project has been considered in consultation with Ministry of Finance and it has been decided that deemed export benefits as given under Paragraph 10.3 of the EXIM Policy shall be available for supplies of goods to the above stated project, as if this project is financed by World Bank (IBRD & IDA).
4. In case the World Bank loan fails to come through, for any reason, the deemed export benefits would be available as if the supplies have been effected under Paragraph 10.2(d) of the EXIM Policy. However, in this case the Power Grid Corporation would return the cash equivalent of the deemed export benefits availed by the suppliers for the above stated project.
5. This issues in Public interest.
( N.L. Lakhanpal )
Director General of Foreign Trade
Copy to all concerned;
Joint Director General of Foreign Trade