Engg. Product Export Scheme - Modvat permitted on inputs - Spares Import allowed

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....ustoms dated the 7th March, 1995- Engineering Products Export (Replenishment of Iron & Steel Intermediates) Scheme was notified by Ministry of Commerce on 1st March, 1995 and the Department of Revenue had issued Notification No. 10/95- Customs dated the 7th March, 1995 to give effect to the said scheme. In view of representations made by the Engineering Products exporters and Iron & Steel produc....

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....the value of Advance Intermediate Licence subject to a actual use condition. The Value based Advance Intermediate Licence or the inputs imported against such licence (except spares and consumables) shall be freely transferable after the obligation to supply Iron & Steel Intermediates have been fulfilled and the licence is endorsed by the Licensing Authority to permit transferability. Supply by Iro....