Notification No. 205/1992, Dated 19th May 1992

        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 goods imported into India, against an Advance Customs Clearance Permit (hereinafter referred to as the said permit) issued on or before 31st March, 1995 under para 58 of the Export and Import Policy 1 April 1992 - 31 March 1997, 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 leviable thereon under section 3 of the said Customs Tariff Act, subject to the following conditions, namely :-

        (i) that the goods imported conform in all respect to the details specified in the said permit;

        (ii) that the said permit indicates the export obligation and the period within which the export obligation has to be discharged;

        (iii) that the goods are utilized only for discharge of export obligation indicated in the said permit and the resultant products are exported within the time allowed for discharge of export obligation under the said permit;

        (iv) that where the goods are in the nature of patterns, drawings, jigs, tools, fixtures, moulds, tackles and instruments, such goods are re-exported along with the resultant products within the time allowed for discharge of export obligation under the said permit:

        Provided that such goods may be allowed to be retained subject to payment of customs duties leviable as on the date of import without allowing any depreciation;

        (v) that evidence is produced, before the proper Officer of Customs, of discharge of export obligation, within the time allowed under the said permit;

        (vi) that a bond or legal undertaking is executed, before the Licensing Authority for due discharge of conditions of this notification.

        Explanations. - In this notification, -

        (i) "Export and Import Policy April 1992 - March 1997" means the Export and Import Policy 1 April, 1992 - March, 1997 published vide Public Notice of the Government of India in the Ministry of Commerce No. 1-ITC (PN)/92-97, dated the 31st March, 1992 as amended from time to time.

        (ii) "Goods" means raw materials, components, intermediates, consumables, parts, packing materials, patterns, drawings, jigs, tools, fixtures, moulds, tackles, instruments and computer hardware and software, as are directly related to export order and supplied free of cost by the foreign buyer.