Business Standard
Tuesday, May 22, 2012
Sponsored by  
drived banner
drived banner
  Advanced Search
RSS
Content Guide
Follow us on  
||||Economy & Policy||||| 
 Section Home | News Now | Today's Paper | Features & Analysis | Politics & Public Affairs | Q&A | Columnists | BS Says
Home > Economy & Policy Live Markets | Commodities
 

FinMin eases import norms to ensure a successful CWG
TNC Rajagopalan / New Delhi Sep 06, 2010, 00:20 IST

The finance ministry is doing its bit to make it easier for the suppliers, contractors and vendors and sub-vendors of the Organising Committee (OC) of the Commonwealth Games (CWG) and Prasar Bharati and the broadcasting right holders to import the equipment necessary to ensure successful conduct of the Games. The commerce ministry has also allowed the import of arms and ammunition required for the Games without import licence.

The finance ministry had issued exemption notification number 13/2010 dated February 19, allowing duty-free import of all sports goods, sports equipment and sports requisites, fitness equipment, team uniform/clothing, spares, accessories and consumables of the same including ammunition for shooting events; doping control equipment, satellite phones/GPS, paging communication systems and other communication equipment, video/plasma screen, electronic scoreboard for display, time control devices, stop watches, timing, scoring and result management systems, marquees, tents, furniture and fixtures/fittings, power generation and distribution systems, air-conditioning equipment which would be needed to be imported according to requirement of Games under ‘Overlays’, food stuff, energy drinks, isotonic, tonic water (including alcoholic drinks), pharmaceuticals and medical consumables, dining/kitchen items, office consumables stationery and gift items, souvenirs, mementos, goods for display exhibition/stall/reception etc., imported by the OC of CWG or National Sports Federations. The notification also allowed duty-free import of broadcasting equipment imported by Prasar Bharati or broadcasting right holders and specified arms and ammunition imported by CWG federation members or CWG Games associations or participating athletes. The exemptions were subject to certain conditions.

However, the goods imported by suppliers, contractors or vendors appointed by the OC of CWG were not eligible for the exemption. The commerce ministry had also not relaxed condition of import licence for import of arms and ammunition required for the Games. The Central Board of Customs and Excise (CBEC) issued Circular number 26/2010 dated August 9, reiterating the position and urging speedy clearance of other goods for the Games. In its Circular number 28/2010 dated August 13, CBEC clarified certain procedural matters to expedite clearance of goods already imported for the Games and awaiting clearance but not diluting its earlier rigid stand regarding non-eligibility of suppliers/contractors/vendors appointed by the OC of CWG to import the goods duty free.

A fortnight later, the situation seems to have changed. On August 27, the finance ministry amended its earlier notification dated February 19, and allowed duty-free imports by the suppliers, contractors, vendors and sub-vendors of the OC of the CWG and of the Prasar Bharati and the broadcasting right holders. The notification also significantly expanded the list of goods allowed duty-free. CBEC also issued suitable clarification to this effect on August 30.

On its part, the commerce ministry, on August 31, granted exemption from import licence for specified arms and ammunition required for the purpose of participation in CWG by the CWG Federation members or CWG associations or participating athletes but only in terms of the finance ministry notification number 13/2010-Customs dated February19. The imports of such goods are subject to further conditions, such as re-export of unused arms after the Games.

Apparently, the relaxations announced last week come quite late, but hopefully, the organisers will manage to get things in place in time for the Games.

Email: tncr@sify.com  

New Ipad Application :Business Standard's all new IPad App
Click here to download for free
Arrow Other Stories     
- Markets end lower
- Muted response to Akzo Nobel India's buyback plan
- Air India extends contingency plan to June 1
- Oil Minister says 'immediate' need to hike fuel prices
- Retrospective amendment in I-T laws will not impact FDI: Govt
  Read Business news in 
- Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol.
- Journey on, We are by Your Side. Click here to know more
- Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol.
- The Best Seller is Also the No. 1 in Mileage. Click here
- Watch The Film Here. Click here to know more..
- Leader in Passenger Car & Automobile Tyres. Click here
- 1 billion in saving for Unilever without any tangles.
- Learn How One City is Running on FOOD SCRAPS.
- One Partnership Endless Possibilities. Click here to know more
- Helping doctors detect diseases earlier, saving costs & extending lives.
- 36 Lakhs can get you a pool of Luxuries. Click here
- Which is the best plan for your daughter
- Check out the TRUE COLOURS of your Stocks, Now for FREE!
- One of the leading business schools in the world.Know More
Sorry, comments to this story are closed
Latest Messages
Table for Two
  Now available at Special price
  Rs.280/- Only

  Buy Now
BS POLL
UPA 2 has completed three years. How do you rate its performance?  Read the story
  Good
  Average
  Bad
Submit
Most Popular
Read
E-Mailed
Commented
   
- Air India toughens stance, sacks 30 pilots
- Facebook IPO spawns social media angels
- RBI slashes arbitrage opportunity as rupee breaches 55 a dollar
- Naveen, Jaya seek BJP support for Sangma
- White Paper blank on size of black money, moots immunity
 
 More  
New Ipad Application
 Business Standard's all new IPad  App
 Click here to download for free
  Hot Searches  
 
Creamy layer |  Air India |  GAAR |  DRDO  |  Black Widow |  Satyamev Jayate |  Akshaya Tritiya |  Aamir Khan |  IPL |  IVRCL |  Ertiga |  Sarfaesi Act |  Vodafone |  Imagine TV |  Transfer pricing |  Rupee |  Kingfisher Airlines |  Silver |  Provident Fund |  income tax refund |  Budget 2012 |  iPhone |  Reliance Industries |  SEBI |  BSNL |  BSE |  NSE |  Mukesh Ambani |  Anil Ambani |  Infosys |  Pranab Mukherjee |  Sonia Gandhi |  Rahul Gandhi |  New Pension Scheme |  Reliance |  RBI |  GDP |  Gold |  Ratan Tata |  ICICI |  B-School |  Sensex |  Tax calculator |  Home Loan |  Personal Finance |  inflation |  oil prices |  Barack Obama |   
 
  Member Area Write to the Editor RSS Archives Advanced Search
  Subscribe to BS print product BS e-paper Newsletter Portfolio Tracker
  BS Products BS Hindi BS Motoring BS Books
Home | Markets & Investing | Companies & Industry | Banking & Finance | Economy & Policy | Opinion
Life & Leisure | Management & Marketing | Tech World | General News
About Us | Partner With Us | Code of Conduct | Careers | Advertise with us| Terms & Conditions | Disclaimer | Contact Us