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Clarification on setting up Duty Free Shops approved by FIPB -reg.
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....the 14th November, 2008 Sub: Clarification on setting up Duty Free Shops approved by FIPB -reg. Many proposals of foreign direct investment for setting up duty free shops at airport/ports are being considered by the Foreign Investment Promotion Board (FIPB). FIPB considers these proposals in totality (i.e. if it includes technical collaboration/industrial license apart from foreign investment) ....
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....nder the Customs Act, 1962 and rules and regulations made thereunder is mandatory. CBEC has laid down instructions, conditions and guidelines for setting up private bonded warehouse from time-to-time, notably under circulars Nos. 68/95 dated 15.6.95, 99/95 dated 20.9.95, 28/96-Cus dated 14.5.96 and 18/2007-Cus dated 24.04.2007. At present, duty free shops can only be set up in the Customs areas. ....