MANU/CUST/0150/2004
Ministry:
Ministry of Finance
Department/Board:
Central Board of Excise and Customs
Notification No: 93/2004
Date: 10.09.2004
Referred IN
Subject: Excise
Subject: Customs
Exemption to Imports against an Advance Licence in Terms of Paragraph 4.1.3
of the Foreign Trade Policy
In exercise of the powers conferred by sub-section (1) of section 25 of the
Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it
is necessary in the public interest so to do, hereby exempts materials imported
into India against an Advance Licence issued in terms of paragraph 4.1.3 of the
Foreign Trade Policy (hereinafter referred to as the said licence) from the
whole of the duty of customs leviable thereon which is specified in the First
Schedule to the Customs Tariff Act, 1975 (51 of 1975) and from the whole of the
additional duty, safeguard duty and anti-dumping duty leviable thereon,
respectively, under sections 3, 8 and 9A of the said Customs Tariff Act, subject
to the following conditions, namely :-
(i) that the description, value and quantity of materials imported are
covered by the said licence and the said licence is produced before the proper
officer of customs at the time of clearance for debit;
(ii) that where import takes place after fulfilment of export obligation, the
shipping bill number(s) and date(s) and quantity and FOB value of the resultant
product are endorsed on the said licence:
Provided that where import takes place before fulfilment of export
obligation, the quantity or FOB value of the resultant product to be exported
are endorsed on the said licence;
(iii) that the importer at the time of clearance of the imported materials
executes a bond with such surety or security and in such form and for such sum
as may be specified by the Deputy Commissioner of Customs or Assistant
Commissioner of Customs, as the case may be, binding himself to pay on demand an
amount equal to the duty leviable, but for the exemption contained herein, on
the imported materials in respect of which the conditions specified in this
notification have not been complied with, together with interest at the rate of
fifteen per cent. per annum from the date of clearance of the said materials :
Provided that bond shall not be necessary in respect of imports made after
the discharge of export obligat........