Consider the following statements regarding Export Promotion Capital Goods (EPCG) Scheme:
1. It allows the duty-free import of capital goods for the purpose of export production in India.
2. It is administered by the Directorate General of Foreign Trade (DGFT) and is governed by the Foreign Trade Policy of India.
Which of the above statements is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2