Custom department has issued a circular about clearance of goods from custom bonded warehouse utilizing duty credit strip of SFIS,FMS,VKGUY,FPS,SHIS. In these condition there was a confusion about the duty drawback which is resolved with this circular no. 50 dated 09-11-2011. Full circular is as under.
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
New Delhi, dated 9th November, 2011
All Chief Commissioners of Customs / Customs (Prev.).
All Chief Commissioners of Customs & Central Excise.
All Commissioners of Customs / Customs (Prev.).
All Commissioners of Customs & Central Excise.
All Director Generals under CBEC.
Subject: - Clearance of goods from Custom Bonded warehouses utilizing duty credit scrips of SFIS, VKGUY, FMS, FPS, SHIS -Reg.
Sir / Madam,
I am directed to invite your kind attention to an issue which has been raised before the Board as to whether duty credit scrips issued under the Chapter 3 schemes of the Foreign Trade Policy (FTP) viz Served from India Scheme (SFIS), Vishesh Krishi Gram Udyog Yojana (VKGUY), Focus Market Scheme (FMS), Focus Product Scheme (FPS) and Status Holder Incentive Scheme (SHIS) can be utilized for clearance of goods from Custom Bonded warehouses.
2. The matter has been examined. Clearance of goods from Custom Bonded warehouses is allowable by utilizing DEPB credit scrips as per procedure mentioned in Circular No. 68/2000 dated 18.8.2000 and Circular No. 72/2003-Cus dated 11.8.2003. However, since the schemes such as SFIS, VKGUY, FMS, FPS, SHIS have come into being only after issuance of these circulars, these schemes do not find specific mention in the said circulars.
3. All the schemes vizSFIS, VKGUY, FMS, FPS, SHIS provide for duty credit scrips which can utilized for import of goods subject to conditions and limitations detailed in the Foreign Trade Policy (2009-14). It is clarified that duty credit scrips of these schemes are allowed for clearance of goods from Custom Bonded warehouses under the same procedure as prescribed for DEPB scrips under Circular 68/2000 dated 18.8.2000 and 72/2003-Cus dated 11.8.2003 and subject to the conditions and limitations mentioned in Foreign Trade Policy(2009-14).
(Technical Officer –Drawback)
Tags-clearance of goods under foreign trade policy,clearance of goods under served for India scheme,clearance of goods under vishesh krishi gram udyog yojana,clearance of goods under focus market scheme,clearance of goods under focus product scheme,clearance of goods under status holder incentive scheme