Notification No. 20/2024- Customs (N.T.) dated 11.03.2024

CBIC issued Notification No. 20/2024- Customs (N.T.) dated 11.03.2024 to make further amendments in the notification no. 24/2023- Customs (N.T.) dated 01.04.2023.

In the said notification –

(i) in clause 2,

(a) in sub-clause (1), for item (b), the following shall be substituted, namely:-

“(b) against export of goods notified in Appendix 4R of the Foreign Trade Policy or against export of goods under Advance Authorisation (except Deemed Exports) as notified in Appendix 4RE of the Foreign Trade Policy or export of goods manufactured by or exported by Export Oriented Unit as notified in the said Appendix 4RE, at the respective rate and cap notified under the Appendix 4R or Appendix 4RE, as applicable:

Provided that the value of the said goods for calculation of duty credit to be allowed under the Scheme shall be the declared export FOB value of the said goods or , up to 1.5 times the market price of the said goods, whichever is less;”

(b) in sub-clause (4), for the words “notified in the Appendix”, the words “notified in the said Appendix 4R or Appendix 4RE, as applicable” shall be substituted;

(ii) in the TABLE, Sl. No.’s 6,7,8 and 10 and the entries relating thereto shall be omitted.

[F. No. CBIC -140605/14/2021-DBK]