Exemption to specified goods of iron and steel and articles thereof - 386/86 - Central Excise - Tariff

Exemption to specified goods of iron and steel and articles thereof

Notification No. 386/86-C.E.

Dated 20-8-1986

In exercise of the powers conferred by sub-rule (1) of rule 8 of the Central Excise Rules, 1944, and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 146/86-Central Excises, dated the 1st March, 1986, the Central Government hereby exempts the goods, falling under heading Nos. 72.15 and 73.09 of the Schedule to the Central Excise Tariff Act, 1985 (5 of 1986), from the whole of the duty of excise leviable thereon which is specified in the said Schedule :

Provided that the said goods have been obtained from breaking of ships, boats and other floating structures -

(i) on which duty of customs leviable thereon under the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), has been paid at the rate of Rs. 1400/- per Light Displacement Tonnage, or

(ii) imported on or before the 28th day of February, 1986, and on which appropriate additional duty leviable thereon under section 3 of the Customs Tariff Act, 1975 (51 of 1975), has been paid.