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of <h1>Ministry of Finance clarifies revised Export-Import Policy Duty Exemption Scheme changes effective April 1995</h1> The Ministry of Finance issued clarifications on the revised Export-Import Policy's Duty Exemption Scheme effective April 1, 1995. Key changes include: imported inputs under Value-based and Quantity-based Advance Licensing schemes now attract additional customs duty but allow MODVAT benefits and drawback claims. Importers must execute bonds with customs authorities for duty differences. Licenses become transferable only after full export obligation discharge. The Advance Customs Clearance Permit requirement was eliminated, replaced by provisions allowing duty-free imports for jobbing/repairing with 10% minimum value addition and re-export conditions. Customs houses must maintain separate records and issue appropriate trade notices.
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