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of <h1>Indian Govt Lowers Customs Duty to 3% for EPCG Scheme Imports with Conditions on Export Obligations and Usage.</h1> The Indian government, through Notification No. 64/2008-Customs, has set a reduced customs duty rate of three percent ad-valorem on certain imports under the Export Promotion Capital Goods (EPCG) Scheme. This exemption applies to goods with valid EPCG licenses and is subject to conditions such as fulfilling export obligations, not transferring imported goods until obligations are met, and ensuring the goods are used as intended. Importers must execute a bond to fulfill export obligations, which are typically eight times the duty saved. Specific conditions apply to different sectors, and provisions exist for waivers or extensions in cases of force majeure or other unforeseen circumstances.
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