Re-imported goods - exported under contract approval by RBI
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 the goods specified in column (1) of the Table annexed hereto, from the payment of so much of the customs duty leviable thereon as is specified in column (3) of the said Table, subject to the limitations and conditions specified in column (2) thereof, namely:-
| Goods | Limitations and Conditions | Extent of Exemption |
| (1) | (2) | (3) |
| Goods not produced or manufactured in India and on which the duty of customs leviable has been paid at the time of their importation into India and which are exported out of India for the execution of a contract approved by the Reserve Bank of India in connection with any commercial and industrial (including constructional) activities. | Provided that the proper officer of Customs is satisfied (1) as to the identity of the goods;(2) that no drawback of duty was claimed or paid on their export out of India prior to their present importation; (3) that the project has a specific approval of the Reserve Bank of mdia;(4) that the ownership of the goods has not changed between the time of export and re-import. | (i) In the case of goods on which any alterations, renovations, additions or repairs have been executed subsequent to their ex port, so much of the duty of customs as is in excess of the duty of customs which would be leviable if the value of the goods were equal to the cost of such alterations, renovations, additions or repairs while the goods were abroad; (ii) in other cases, the whole of the duty of customs leviable thereon under the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and the whole of the additional duty leviable thereon under section 3 of the said Customs Tariff Act, 1975. |
Notification No. 241-Cus; dated 4-11-1982 as amended by Notification No. 101/83-Cus., dated 5-4-1983.
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