Government Eases Export Promotion Capital Goods Licence Norms
The licence holder can now submit the certificate from customs authorities confirming installation of the machines within three years from the date of completion of the imports.
(Source: Paul Teysen/Unsplash)
Certain norms were relaxed for licence holders of the Export Promotion Capital Goods scheme, as part of its ease of doing business efforts.
The EPCG scheme facilitates import of capital goods for producing quality goods and services, and aims to enhance India's manufacturing competitiveness. It permits the import of capital goods for pre-production, production, and post-production stages without any customs duty.
The duty benefit depends on fulfilling export commitments.
"With a view to enhance ease of doing business and reduce the compliance burden, certain provisions of chapter 5 related to the EPCG Goods scheme of the Handbook of Procedures, 2023 are amended for EPCG authorisations issued under the foreign trade policy," the Directorate General of Foreign Trade said in a public notice.
As per the changes, the licence/authorisation holder can now submit the certificate from customs authorities confirming installation of the machines within three years (earlier it was six months) from the date of completion of the imports.
(With inputs from PTI)
