Modvat credit of duty paid on yarn and fibres on a deemed basis - Amendment to Notification No. 29/96-C.E. (N.T.) - 44/98 - Central Excise - Non Tariff

Modvat credit of duty paid on yarn and fibres on a deemed basis - Amendment to Notification No. 29/96-C.E. (N.T.) Notification No. 44/98-C.E. (N.T.) Dated 10-12-1998 In exercise of the powers conferred by sub-rule (2) of rule 57A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 29/96-C.E. (N.T.), dated the 3rd September, 1996, namely :- In the said notification, after paragraph 7A the following paragraph shall be inserted, namely :- "7B. The provisions of this notification shall not be apply to an independent processor i.e., a manufacturer who is engaged exclusively in the processing of fabrics with the aid of power and who also has the facility in his factory (including plant and equipment) for carrying out heat-setting with the aid of power or steam in a hot-air stenter, and who has no proprietory interest in any factory engaged in the spinning of yarn or weaving of fabrics, in respect of final products falling under heading Nos. 52.07, 52.08, 52.09, 54.06, 54.07, 55.11, 55.12, 55.13 or 55.14 of the Schedule to Central Excise Tariff Act, 1985 (5 of 1986) on and with effect from 16th day of December, 1998. "7C. Notwithstanding anything contained in paragraph 7B, the provisions of this notification shall apply in respect of final products falling under heading Nos. 52.07, 52.08, 52.09, 54.06, 54.07, 55.11, 55.12, 55.13 or 55.14 of the Schedule to Central Excise Tariff Act, 1985 (5 of 1986) manufactured or produceed by an independent processor prior to the 16th day of December, 1998 and cleared on or after that date.".