Value Based Advance Licence - issued on or after 1-4-1995 - material imported under
Notification No. 79/95-Customs
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 a Value Based Advance Licence (hereinafter referred to as the said licence) issued on or after 1st April, 1995 in terms of paragraph 49 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) subject to the following conditions, namely.
(i) that the materials imported are covered by a Value Based Duty Exemption Entitlement Certificate (hereinafter referred to as the said certificate), issued by the Licensing Authority on or after 1st April, 1995 in the form specified in the Schedule annexed to this notification in respect of the value, description, quality and technical characteristics;
(ii) that the said licence and the said certificate are produced before the proper officer of customs at the time of clearance for debit;
(iii) that the importer at the time of clearance of the imported materials -
(a) * * * * *
(b) executes a bond with such surety or security and in such form and for such sum as may be specified by the Assistant Collector of Customs binding himself to pay on demand, an amount equal to the duty leviable on the imported materials but for the exemption contained herein, in respect of which the conditions specified in this notification have not been complied with together with interest at the rate of 24% per annum from the date of clearance of the imported materials.
Provided that the bond shall not be necessary in respect of imports made after discharge of export obligation in full;
(iv) that the imports and exports are undertaken through sea ports at Mumbai, Calcutta, Cochin, Magdalla, Kakinada, Kandia, Mangalore, Marmagoa, Madras, Nhava Sheva, Paradeep, Pipavav, Sikka, Tuticorin, Visakhapatnam, Dahej, Nagapattinam , Okha and Mundhra or through any of the airports at Ahmedabad, Bangalore, Bhubaneshwar, Mumbai, Calcutta, Coimbatore, Delhi, Hyderabad, Jaipur, Madras, Srinagar, Trivandrum, Varanasi, Nagpur and Cochin or through any of the Inland Container Depots at Agra, Bangalore, Coimbatore, Delhi, Faridabad, Gauhati, Guntur, Hyderabad, Jaipur, Jallandhar, Kanpur, Ludhiana, Moradabad, Nagpur, Pimpri (Pune), Pitampur (Indore), Surat, Tirupur, Varanasi, Nasik, Rudrapur (Nainital), Dighi (Pune), Vadodara, Daulatabad (Wanjarwadi and Maliwada), Waluj (Aurangabad), Anaparthy (Andhra Pradesh), Salem, Malanpur, Singanalur, Jodhpur, Kota, Udaipur, Ahmedabad, Bhiwadi and Madurai or through the Land Customs Station at Ranaghat and Singhabad.
Provided that the Commissioner of Customs may by special order and subject to such conditions as may be specified by him, permit import and export through any other Seaport, Airport, or Inland Container Depot, or through a Land Customs Station.
(v) that the export obligation is discharged, within the period specified in the said certificate or within such extended period as may be granted by the Licensing Authority, by exporting goods manufactured in India and the importer produces the said certificate together with evidence of discharge of export obligation to the satisfaction of the Assistant Commissioner of Customs or Deputy Commissioner of Customs within a period of 30 days of the expiry of period allowed for fulfillment of export obligation or within such extended period as the said Assistant Collector of Customs may allow;
(vi) exempt materials shall not be disposed of or utilized in any manner, except for utilization in discharge of export obligation, before the export obligation under the said licence has been discharged in full.
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