POL CIR NO.19(RE-99) , Dt. 09/07/1999
- Document type
- Circular
- Reference no.
- C
- Dated
Grant of DEPB rate for marine products
Grant of DEPB rate for marine products
Sub:
Attention is invited to Public Notice No. 55 dated 11.11.98 wherein the DEPB rate for S.No.3 of Fish and Fish product was increased from 8% to 10%. Various representations had been received wherein the exporters including various associations had pointed out that it was not possible to give changed description of the export product in respect of shipments effected prior to Public Notice No. 55 dated 11.11.98 as the amendment in the resultant product, after the products had been exported is not contempleted under the Customs Act. Similarly, it is not possible for the exporters to give a declaration regarding procurement of such products from aquaculture sources in the Shipping Bill after the exports have been effected.
The matter has been examined in consultation with the Department of Revenue. It has been decided that in respect of shipments which took place between 15.4.98 to 10.11.98, the exporter shall be required to give a declaration to the licensing authority to the effect that the exports made under the relevant Shipping Bills were sourced from aquaculture farm/pond giving a specific location and address of such farm/pond. The licensing authority shall under take ex-post-facto verification of 10% of such declaration on random basis but only after the issuance of the DEPB. In case, the declaration is found to be incorrect, the exporter shall be asked to return the DEPB alongwith 24% interest calculated from the date of DEPB to the date of deposit of interest. An indemnity bond to this effect shall be obtained from the exporter.
It is also clarified that the enhanced rate shall be given even in cases where the description of the export product is not as per the description given in Public Notice No. 55 dated 11.11.98 so long as the description matches with the description for the said product given in Public Notice No. 10 dated 1st May, 1998.
This issues with the approval of DGFT.
(Ajay Sahai)
Jt.Director General of Foreign Trade