His Excellency Mr. Gautam Bambawale, Ambassador of India to Bhutan has handed a cheque for Rs. 1,756 million to Hon’ble Lyonpo Namgay Dorji, Minister of Finance this afternoon. The cheque is on account of Excise Duty Refund (EDR) for the year 2013.
The claim for the EDR 2013 was verified by a six member delegation from GoI lead by Dr. P.K Mohanty, Director General, Directorate General of Inspection, Customs and Central Excise (DGICCE) in November 2014.
As the EDR constitutes about 7.05% of the total revenue for the financial year 2014-2015, it will improve the fiscal position and contribute towards INR reserve build-up.
The release of EDR by GoI is timely as it will help in implementing the planned activities for FY 2014-2015 which will end by 30th June 2015.
The verification process for the refund of EDR for 2014 amounting to Rs. 1,943 million has been also completed. This will be released during FY 2015-16.
The Government of India refunds the Excise Duty Refund on annually basis as per Article VIII of the Bilateral Trade and Transit Agreement which states that “Each of the Governments agrees to provide appropriate refund to be mutually decided annually in respect of excise duties on goods of its origin exported to the other”.
The government of India (GoI) 22 May 2015 declared a total excise duty refund of Nu 1.943B (billion) to Bhutan for 2014. This is an increase of Nu 187M (million) from the previous year. Bhutan received Nu 1.756B as excise duty refund for 2013. A delegation led by the director general of directorate general of inspection, customs and central excise, India, PK Mohanty, visited Bhutan for verification and quantification of the exercise duty refund claim of Bhutan for 2014 from May 13 to 22. Bhutanese delegation was led by Yonten Namgyel, director of revenue and customs.
The Director, Department of Revenue and Customs congratulated and awarded the certificate to Mr. Ugyen Tshering, Deputy Collector, Customs and Excise Division on successful completion of World Customs Accreditation in Technical and Operational Advisor on Intellectual Property Rights. He is the first customs official of the department to receive this certificate.