Removal of Budget Day restrictions for Budget 2003-04 - Regarding - Customs - F. No. 450/21/99-Cus. IV

F. No. 450/21/99-Cus. IV Dated 20-2-2003 Government of India Ministry of Finance (Department of Revenue) Central Board of Excise Customs, New Delhi Subject : Removal of Budget Day restrictions for Budget 2003-04 - Regarding I am directed to invite your attention to above mentioned subject and to state that the union Budget 2003-04 is likely to be presented at 11.00 AM on 28th February, 2003. 2. Historically, Budget Day restrictions were aimed at preventing duty evasion as the duty rates were normally enhanced. However, at present the upward revision of duty is an exception. Moreover, it is felt that the Budget Day restriction has adverse impact on economic growth on account of loss of output, which also affects connected sectors such as transport, and increase in the transaction cost. Therefore, it has been decided to do away with Budget Day restrictions with immediate effect. The net effect shall be that as on any other day, on the Budget Day i.e. 28th February, 2003 also, the importers/exporters shall be free to carry out their import/export activities as per law. At the same time it is expected that the field formations should be vigilant against misuse of the relaxation now being given. 3. The trade and field formations may be informed suitably. The receipt of the instructions may be acknowledged.