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of <h1>Central Government Grants Duty Exemption for Service Sector Imports Under EPCG Scheme, Requires Foreign Currency Earnings.</h1> The notification issued by the Central Government under the Customs Act, 1962, provides an exemption from customs duty for capital equipment and spare parts imported under the Export Promotion Capital Goods (EPCG) Scheme for the service sector. The exemption reduces the duty to 15% ad valorem and eliminates additional duties, contingent upon the importer fulfilling an obligation to earn foreign currency equivalent to four times the cost of the imported equipment within five years. Conditions include holding a valid license, providing necessary documentation at clearance, and compliance with export obligations, with potential extensions not beyond March 31, 2002.
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