Capital goods can be imported with a license under the Export Promotion Capital Goods plan (EPCG) at reduced rates of duty, subject to the fulfillment of a time-bound export obligation.
An advance license is issued to allow duty free import of inputs, which are physically incorporated in the export product (making normal allowance for wastage). In addition, fuel, oil, energy, catalysts etc. that are consumed during their use to obtain the export product, may also be allowed under the plan. The raw materials/inputs are allowed in terms of Standard Input-Output Norms (SION) or self-declared norms of exporter.
All importers must accompany a copy of the L/C to ensure that payment for the import is made. Normally this document is counter-checked with the issuing bank so that outflow of foreign exchange is checked.
If a Bill of Entry is filed without using the Electronic Data Interchange system, the following documents are also generally required:Signed invoice;Packing list;Bill of lading or delivery order/air waybill;GATT declaration form;Importer/CHA declaration;Import license wherever necessary;Letter of credit/bank draft;Insurance document;Industrial license, if required;Test report in case of chemicals;Adhoc exemption order;DEEC Book/DEPB in original, where applicable;Catalogue, technical write up, literature in case of machineries, spares or chemicals as may be applicable;Separately split up value of spares, components, and machinery; and,Certificate of Origin, if preferential rate of duty is claimed.
Port of Chennai is the largest port in the Bay of Bengal, the 2nd largest port in India and the 3rd oldest port among all the major ports in India. It is an important contributor to the economic growth of Tamil Nadu.
Chennai port has 3 docks with 24 berths, a draft ranging between 12 m to 16.5 m, and a well-equipped cargo storage area. It also has a terminal shunting yard which allows it to operate rail services inside the harbour. Its infrastructure and connectivity to other ports in the East Coast has made it an important hub port for project cargo, cars, and container cargo in the region. During the period 2016-17, the port handled 1600 vessels (container, liquid bulk, break bulk, and dry bulk).
Earlier known as the Port of Madras, this port has been in existence since 1st century AD. It was an important economic, military, and administrative centre in the region during the reign of South Indian dynasties like the Pandya, Vijaynagar, Pallava, and Chola dynasties.
The port is the first port in India to build a Marine Pollution Management system to safeguard marine life.