Revised treaty of trade between india and nepal

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CS,CA F,Numrologi TusharSampat

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Notification Detail :

Circular No. 958/1/2012-CX F.No.201/03/2010-CX.6 Ministry of Finance Department of Revenue Central Board of Excise and Customs New Delhi, the 13th January,2012 To All Chief Commissioners of Central Excise All Chief Commissioners of Customs & Central Excise All Chief Commissioners of LTU Sub: Revised Treaty of Trade between India and Nepal. Sir/Madam, Pursuant to Revised Treaty of Trade between Government of India and Government of Nepal, exports to Nepal have been put at par with exports to other countries ( except Bhutan). In this regard, six Notification Nos. 24/2011-Central Excise(N.T), 26/2011-Central Excise(N.T), 27/2011-Central Excise(N.T), 28/2011-Central Excise(N.T), and 29/2011-Central Excise(N.T), all dated 5.12.2011 have been issued to amend earlier Notification Nos 19/2004-Central Excise(N.T) dated 6.09.2004, 42/2001-Central Excise(N.T) dated 26.06.2001, 43/2001CE(N.T) dated 26.06.2001, 44/2001-Central Excise(N.T) dated 26.06.2001 and 45/2001-Central Excise(N.T) dated 26.06.2001, respectively. Notification no. 25/2011-Central Excise(N.T) dated 5.12.2011 has rescinded the earlier Notification No. 20/2004-Central Excise(N.T) dated 6.09.2004.

These amendments abolish the existing DRP for exports to Nepal and puts export to Nepal at par with exports to other countries (except Bhutan). All these notifications have been made effective from 1st March, 2012. 2. Difficulties anticipated/ faced, if any in implementation of the revised procedure, may be brought to the notice of the Board. 4. Field Formations and Trade may also be suitably informed. 5. Hindi version will follow.

Yours faithfully,

(V.P. Singh)

Under Secretary(CX.6)

Replies (6)

Rahul Bansal

Finalist

35929 Points Joined September 2009

Thanks Tushar for sharing latest news.....:) Thanks A lot :)

RENU SINGH

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21627 Points Joined March 2011

exports to Nepal have been put at par with exports to other countries

what it means ....

srinivass

CA Final

2466 Points Joined December 2010

Thanks for sharing the valuable info

Shivish Verma

C A

376 Points Joined August 2009

exports to Nepal have been put at par with exports to other countries

what it means ....

It means export to Nepal will be treated as export for all purpose. earlier due to non involvement of foriegn currency, export to Nepal was treated as domestic sale and not export

Ajit Yadav

CS Executive

149 Points Joined August 2011

Thanks for share

Ajit

Vaibhav

Mgr

21 Points Joined June 2012

As per the circular issued by Govt of India in 2004, trade with Nepal is not subject to GR/ PP forms further the master Circular of Export of goods suggest the same that in case of trade with nepal exporte is exmpted from submitting the GR.

As per the exchange control regulations issued by RBI, every AD, has to submitt the details of Foreign Currency transaction through ECN, where GR details has to be entered.

Now in case of export to Nepal, GR is not used how an AD will report to RBI about exports in case

i) The Exports were billed in INR

ii) The exports were billed in USD and settled thorugh ACU (asian clearing union) mechanism or any other mechanism as AD will required the proofs of export (Invoice, importer's buying order, shipping documents & GR).

Further in case of normal export subject to GR, the GR has to be submiited with AD and subsequently reported to RBI, within 21 days fo export.

however as in case of export to Nepal the same guiedlines are not applicable as it does not involve GR, how would an AD proceed to the same case.

kindly guide if any circular/ notification clarifies the stand of AD in case of export to nepal as both RBi circulars on "Export" and Exchange control are silent on the matter.

Thanks

Vaibhav