Notification No. 58/2001, Dated 30th May 2001

30^th May, 2001

Notification No. 58/2001-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 makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 29/97-Customs dated 1^st April, 1997, namely:-

In the said notification, in paragraph 2, in condition (7), after the second proviso, the following proviso shall be inserted, namely:-

"Provided also that where the importer fulfils 60% or more of the export obligation within the period of 8 years, the licensing authority may grant extension of the period of export obligation by two years (including the period of one year specified in the preceding proviso)".

N.K. Sinha
Under Secretary to the Government of India

F.NO. 605/53/2001-DBK

Note : The principal notification No. 29/97-Customs, dated the 1^st April, 1997 was published in the Gazette of India (Extraordinary), vide GSR No. 185(E), and it was last amended by notification No. 52/2000-Customs, dated the 28^th April, 2000 vide GSR No. 370(E).