'Capital goods import on lease of under three years ...
You can very well import on a lease basis and seek clearance under the EPCG scheme, as per Para 2.28 of the Handbook of Procedures, Vol. 1. However, as per Para 5.16 of the Handbook of Procedures, Vol. 1, re-export of the capital goods imported under the EPCG scheme may be allowed only if the goods are found defective or unfit for use.