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of <h1>Ministry eliminates bond requirements for Duty Exemption and EPCG schemes, introduces 24% interest penalty</h1> The Ministry of Finance issued amendments to Duty Exemption Scheme and Export Promotion Capital Goods (EPCG) Scheme notifications through Circular No. 131/95-Cus dated December 20, 1995. Key changes include elimination of bond/legal undertaking requirements with licensing authorities and their evidence production. Non-compliance now attracts 24% annual interest on payable duty from goods clearance date until payment. Exporters must provide evidence of export obligation discharge directly to Assistant Commissioner of Customs rather than through licensing authority certificates. For Duty Exemption Scheme, evidence requires Part F endorsement in DEEC Book by customs officer with DEEC triplicate copy and shipping documents. Under EPCG Scheme, exporter-signed statements certified by Chartered Accountant with export promotion copies of shipping bills and bills of lading are acceptable, including declaration that exported goods were manufactured using imported capital goods under the specific license.
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