Section 120 - Amendment of Act 52 of 1962 - Finance (No. 2) Act, 1991

CHAPTER IV INDIRECT TAXES Customs 120. Amendment of Act 52 of 1962 In the Customs Act, 1962 (hereinafter referred to as the Customs Act),- (1) in section 75,- (a) in sub-section (1), the following provisos shall be inserted, namely:- Provided that no drawback shall be allowed under this sub-section in respect of any of the aforesaid goods which the Central Government may, by rules made under sub-section (2), specify, if the export value of such goods or class of goods is less than the value of the imported materials used in the manufacture of such goods or class of goods, or is not more than such percentage of the value of the imported materials used in the manufacture of such goods or class of goods as the Central Government may, by notification in the Official Gazette, specify in this behalf: Provided further that where any drawback has been allowed on any goods under this sub-section and the sale proceeds in respect of such goods are not received by or on behalf of the exporter in India within the time allowed under the Foreign Exchange Regulation Act, 1973 (46 of 1973) such drawback shall be deemed never to have been allowed and the Central Government may, by rules made under sub-section (2), specify the procedure for the recovery or adjustment of the amount of such drawback. ; (b) in sub-section (2), after clause (a), the following clauses shall be inserted, namely:- (aa) for specifying the goods in respect of which no drawback shall be allowed; (ab) for specifying the procedure for recovery or adjustment of the amount of any drawback which had been allowed under sub-section (1); ; (2) in section 113, after clause (i), the following clause shall be inserted, namely:- (ii) any goods entered for exportation under claim for drawback which do not correspond in any material particular with any information furnished by the exporter or manufacturer under this Act in relation to the fixation of rate of drawback under section 75; ; (3) in section 142, in sub-section (1), for the words demanded from any person , the words demanded from any person or any amount of drawback to be recovered from any person shall be substituted.