Amendments in various Customs Notifications on account of announcement of New Foreign Trade Policy

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....wing paragraphs shall be substituted, namely:- " In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 ( 52 of 1962), the Central Government being satisfied that it is necessary in the public interest so to do, hereby exempts the goods - (a) as specified in Annexure -I to this notification,- (i)  upto one per cent. of the Free On Board (FOB) value of preceding financial year of the export of plain or studded Jewellery made of gold or platinum, when imported by the exporter of such gold jewellery or platinum jewellery; (ii) upto two per cent.  of the Free On Board ( FOB) value of preceding financial year of the export of Jewellery made of silver imported by the exporter of such silver jewellery; (b) as specified in Annexure -II to this notification upto one per cent. of the Free On Board (FOB) value of preceding financial year of the export of cut and polished diamonds when imported by the manufacturer and exporter of such cut and polished diamonds, when imported into India against the Replenishment Licences referred to in para 4.80 of Handbook of Procedures, Volume I, 1^st September, 2004 -31^st March, 2009 ....

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....hed by the Government of India in the Ministry of Commerce and Industry vide notification No. 1/2004-09, dated the 31^st August, 2004, as amended from time to time;'; (ii) in clause (b), for the words, letters and figures " Public Notice   No.  1/2002-07, dated 31^st March, 2002", the words, letters and figures "Public Notice No. 1/2004-09, dated the 31^st August, 2004" shall be substituted. (iii) for clause (d), the following clause shall be substituted, namely:- ' (d) "status holder" means the exporter recognized as one star export house, two star export house, three star export house, four star export house and five star export house by the Director General of Foreign Trade.'. 4. 57/2000-Customs, dated the 8^th May, 2000. In the said notification,- (a) for the words " Export and Import Policy" wherever they occur, the words "Foreign Trade Policy" shall be substituted; (b) in the clause (a), for the words and figures "Paragraph 4.49 of the Export and Import Policy", the words and figures "paragraph 4.4.9 of the Foreign Trade Policy" shall be substituted; (c) in Explanation,- (i) for clause (a), the following clause shall be substituted....

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....rate of duty of customs specified under First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and nil additional duty leviable under section 3 of the said Customs Tariff Act, read with exemption notification in this regard, if any, no exemption in respect of inputs utilized for the purpose of manufacture of such finished goods (including rejects, waste, scrap, remnant and by-products)  shall be available under this notification."; (c). in the paragraph 4, in proviso, for clause (a) and Explanation, the following shall be substituted, namely:- "(a) such clearance or debonding of capital goods may be allowed on payment of duty on the depreciated value thereof and the rate in force on the date of debonding or clearance, as the case may be. The depreciation shall be allowed in straight line method as specified below, namely:- (i) for computer and computer peripherals: for every quarter in the first year                    @ 10% for every quarter in the second year                @ 8%....

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.... Board (FOB) value of manufactured goods exported out of   India by the unit, which manufactured such goods during the preceding financial year"; (b) the following proviso shall be inserted at the end, namely:- " Provided that the value of such spares and consumables shall not be taken into consideration for fulfillment of Net Foreign exchange Earnings (NFE), for availing Domestic Sale Entitlement as specified in paragraph 6.8 of the Foreign Trade Policy." ; (f) after paragraph 11, the following paragraph shall be inserted, namely:- " 11A.  Notwithstanding anything contained in this notification, if the said officer is satisfied that the unit, engaged in manufacture of textiles and textile articles, has left over textile fabric or textile material, he shall allow such unit to clear such unutilized left over textile fabric or textile material into Domestic Tariff Area on payment of duty on transaction value, as if the goods have been manufactured in the unit: Provided that such clearance shall be allowed only where the said officer certifies that the textile fabric or textile material proposed to be cleared are left over, and such clearance do not ....