WHEREAS the Supreme Court of India has approved a scheme for rehabilitation of Ashok Paper Mills (Bihar Unit) situated in Darbangha in the State of Bihar and as per the scheme Ashok Paper Mills (Bihar Unit) is to be taken over by M/s. Nouveau Capital and Finance Ltd.;
AND WHEREAS according to the scheme approved by the Supreme Court, the matter regarding granting of exemption of fifty per cent of the duty of excise for a period of ten years is to be recommended by the Ministry of Industry to the Ministry of Finance;
AND WHEREAS the Ministry of Industry (Department of Industrial Policy and Promotion) have recommended granting of exemption from fifty per cent of the duty of excise leviable on the paper and paperboard manufactured by Ashok Paper Mills (Bihar Unit) for a period of ten years;
Now, therefore, in exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act 1944 (1 of 1944) the Central Government, being satisfied that it is necessary in the public interest so to do hereby exempts paper and paperboard, falling under Chapter 48 of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986), manufactured by Ashok Paper Mills (Bihar Unit) located at Darbangha in the State of Bihar from so much of the duty of excise leviable thereon under section 3 of the Central Excise Act which is in excess of the amount calculated at the rate of fifty per cent of the rate of duty leviable on the said paper and paperboard under the said First Schedule read with any other notification for the time being in force :
Provided that nothing contained in any notification providing exemption from the whole or part of the duty of excise based on the value of clearance made in a financial year shall be applicable to the paper and paperboard manufactured by the said Ashok Paper Mills till this notification remains in force.
2. The exemption contained in this notification shall be in force for a period not exceeding ten years from the date of commencement of production in the said unit.
Notification No. 34/99-CE, dated 21/7/1999
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