Banking
This query is : Resolved
02 May 2010
Thank you CMA Ramesh, i have another query with u, will be happy if u can guide me in this too. I would appreciate if it is explained detailedly.
1. What is EPCG?
2. What are its functions?
3. Do we( i.e. X Ltd. company) have to give any Bank Guarantee to EPCG while we do any import/export activity?
Thank you in advance for going to give me a splendid reply. I was really spell bound the way u replied my previous query. My kudos to you
1. What is EPCG?
2. What are its functions?
3. Do we( i.e. X Ltd. company) have to give any Bank Guarantee to EPCG while we do any import/export activity?
Thank you in advance for going to give me a splendid reply. I was really spell bound the way u replied my previous query. My kudos to you
03 May 2010
Under EPCG a authorised person can import capital goods at concessional rate of customs duty.capital goods can be imported for pre production, production and post production how ever consumable cannot be import under EPCG scheme
Under EPCG scheme for importing the capital goods need to give the Bank gurantee for the difference of the actual rate of customs duty and concessional rate of customs duty. in case the the specifed condition is not followed as per the authorisation taken for import the same BG is encashed by the Customs auhtority or if the specifed conditins followed the same is to given back to the authorised person after the specific period
Under EPCG scheme for importing the capital goods need to give the Bank gurantee for the difference of the actual rate of customs duty and concessional rate of customs duty. in case the the specifed condition is not followed as per the authorisation taken for import the same BG is encashed by the Customs auhtority or if the specifed conditins followed the same is to given back to the authorised person after the specific period
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