Financial Daily from THE HINDU group of publications
Friday, Jan 07, 2005
Financial Daily from THE HINDU group of publications Friday, Jan 07, 2005 |
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Industry & Economy
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Exports & Imports Export items eligible for benefits notified Our Bureau
New Delhi , Jan. 6 THE Government has notified various export items that would qualify for duty free credit entitlement under the Vishesh Krishi Upaj Yojana (VKUY), which is to come into effect from April 1. The entitlement, which is equivalent to 5 per cent of the free-on-board value of exports, is freely transferable and can be used for import of variety of inputs and goods. The VKUY scheme was announced as part of the foreign trade policy for 2004-09 that was unveiled by the Union Commerce Minister, Mr Kamal Nath, in August last year. The export items eligible for the benefits include plants, bulbs, roots, cut flowers, edible vegetables, edible fruits and nuts, spices and minor forest product. The export of tea and coffee has however been excluded for the purpose of these benefits. While the duty credit can be used for import of inputs or goods including capital goods so long as they are freely importable, the Government has however held that vegetables with duty of more than 30 per cent, coconut, arecanut, oranges, lemon, fresh grapes, apple, pears, spices, pepper, tea, coffee, oil seeds cannot be imported against the VKUY scrips.
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