Regarding clearance of goods from Custom Bonded warehouses utilizing duty credit scrips of SFIS, VKGUY, FMS, FPS, SHIS Regarding clearance of goods from Custom Bonded warehouses utilizing duty credit scrips of SFIS, VKGUY, FMS, FPS, SHIS Chartered Accountant CA ICAI Chartered Accountants CA ICAI CAinINDIA ICAI Announcements Accounting Standards CA News ICAI Students ICAI Members Case Laws CPT IPCC Final ICAI Course CA Course ICAI Forum CA Question Papers ICAI Study Material

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Regarding clearance of goods from Custom Bonded warehouses utilizing duty credit scrips of SFIS, VKGUY, FMS, FPS, SHIS

November, 10th 2011
Circular No. 50 / 2011-Customs F.No.605/53/2011-DBK Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi, dated 9th November, 2011 To, All Chief Commissioners of Customs / Customs (Prev.). All Chief Commissioners of Customs & Central Excise. All Commissioners of Customs / Customs (Prev.). All Commissioners of Customs & Central Excise. All Director Generals under CBEC. Subject: - Clearance of goods from Custom Bonded warehouses utilizing duty credit scrips of SFIS, VKGUY, FMS, FPS, SHIS -Reg. Sir / Madam, I am directed to invite your kind attention to an issue which has been raised before the Board as to whether duty credit scrips issued under the Chapter 3 schemes of the Foreign Trade Policy (FTP) viz Served from India Scheme (SFIS), Vishesh Krishi Gram Udyog Yojana (VKGUY), Focus Market Scheme (FMS), Focus Product Scheme (FPS) and Status Holder Incentive Scheme (SHIS) can be utilized for clearance of goods from Custom Bonded warehouses. 2. The matter has been examined. Clearance of goods from Custom Bonded warehouses is allowable by utilizing DEPB credit scrips as per procedure mentioned in Circular No. 68/2000 dated 18.8.2000 and Circular No. 72/2003-Cus dated 11.8.2003. However, since the schemes such as SFIS, VKGUY, FMS, FPS, SHIS have come into being only after issuance of these circulars, these schemes do not find specific mention in the said circulars. 3. All the schemes vizSFIS, VKGUY, FMS, FPS, SHIS provide for duty credit scrips which can utilized for import of goods subject to conditions and limitations detailed in the Foreign Trade Policy (2009-14). It is clarified that duty credit scrips of these schemes are allowed for clearance of goods from Custom Bonded warehouses under the same procedure as prescribed for DEPB scrips under Circular 68/2000 dated 18.8.2000 and 72/2003-Cus dated 11.8.2003 and subject to the conditions and limitations mentioned in Foreign Trade Policy(2009-14). Yours faithfully, G.S. Bains (Technical Officer Drawback)