On the basis of a provisional certificate issued by the Finance Ministry, duty-free import of power equipment by mega power project developers is set to be allowed qualifying the developers for a waiver. The move will help to accelerate the commissioning of the GMR, Jindal Power, GVK and Hinduja power projects.
The certificate will be issÃÂued after the developers furnish a fixed deposit receipt (FDR) of an amount equivalent to the duty payable on equipment import.
This would mean that the developers won't have to wait for the formal mega power tag, which usually gets delayed, for availing the import duty waiver they are entitled to.
The chaÃÂnÃÂges have been incorporated in order to accelerate construction of poÃÂwer plaÃÂnts and to bridge the widening energy deficit. The changes will beÃÂnefit both public and private sector projects.
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