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FM gives nod to excise policy Liquor industry to get boost 8/31/2015 11:49:14 PM Early Times Report Jammu, Aug 31: The much awaited excise policy for the year 2015-16 received a nod by Finance Minister, Haseeb Drabu, here today . The state Finance Department vide SRO 279 of 2015 has notified the same which shall come into force with effect from 1st September 2015. The policy has been formulated and issued with a view to give fresh impetus to the liquor industry in the State. Known for his economic calibre and financial expertise, the Finance Minister has revamped the age old excise duty structures, clubbed and harmonized the Excise duty slabs of various brands of liquor, waived off import duty on spirit in the State as a boost to the industry. The annual fee for engagement of Bar Men and Sale Men has been dispensed with in order to give functional autonomy to the various categories of Licensees. Issue of fresh Retail/ Off Licenses for uncovered and un-served areas can be considered on case to case basis in accordance with the procedure and norms which shall be adopted by the Department soon, the Policy envisages. Giving imputes to the wholesale traders the policy prescribes inclusion of different sources of import in one License. Restriction on import of economy brands of liquor has been imposed with a view to boost the local liquor industry. With a view to safeguard against spurious and illicit liquor it has been ordered that all the classes of liquor i,e IMFL, JK Special Whisky, Beer and RTDs shall be affixed holograms. The Policy provides for creation of Social Responsibility Corpus Fund by the Excise Department to be used for the support to de-addiction centres, measures to reduce the incidences of drunken driving, promoting road safety and other similar purposes to be decided by the Department. The Liquor industry/ stakeholders shall make equal contribution to the contribution made by the Department to the fund. The policy has further provided for fixing differentiated rates of liquor for Ladakh and Kashmir regions taking into account transportation and other costs. Pursuant to issuance of new Excise Policy the Excise Commissioner has revised the price structures of all classes of Liquor manufactured and imported for consumption in the State. While fixing the prices for manufacturers, wholesalers and retailers of Liquor , the Excise Department has ensured balanced profit margins for all the concerned. The fresh rate structure shall be applicable with effect from 15 September 2015.   Share This News with Your Friends on Social Network     Comment on this Story

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