The concessions and facilities extended to Ship Repair Units include provision of bond facilities, duty free import of components, raw materials, consumables and capital goods; and exemption of Central Excise duty on locally available components and raw materials by the Department of Revenue. For grant of such concessions or facilities, the SRUs were required to be registered with DG (Shipping). DG Shipping was procedurally required to consult Ministries of Commerce, Company Affairs, Finance (Revenue & DEA), Planning Commission, Ministry of Shipping etc. before grant of registration. This procedure was time consuming and cumbersome.
Powered by Capital Market - Live News