Inputs for the manufacture of iron and steel intermediates - Amendment to Notification No. 10/95-Cus. - 157/95 - Customs -Tariff

Inputs for the manufacture of iron and steel intermediates - Amendment to Notification No. 10/95-Cus. Notification No. 157/95-Cus. Dated 9-11-1995 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 following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 10/95-Customs, dated the 7th March, 1995, namely :- In the said notification, - (a) the words, "and from the whole of the additional duty leviable thereon under section 3 of the said Customs Tariff Act" shall be deleted; (b) for conditions (5) and (6), the following shall be substituted, namely :- "(5) that the inputs so imported shall not be disposed of or utilised in any manner, except for utilisation in the discharge of obligation to manufacture and supply iron and steel intermediates in terms of this notification, before the said obligation under the said licence has been discharged in full : Provided that spares and consumables imported in terms of this notification shall not be loaned, transferred, sold or disposed of in any manner, and shall be used by the importer only in his factory; (6) where benefit of this notification is sought by a person other than the licencee, such benefit shall be allowed against the said licence only if it bears endorsement of transferability by the Licencing Authority : Provided that endorsement of transferability shall not be made by the Licencing Authority before the obligation to supply iron and steel intermediates under the said licence has been fulfilled"; (c) In the Explanation , - (I) for clause (iii), the following shall be substituted, namely :- "(iii) "inputs" means, - (a) raw materials, components, intermediates and consumables specified as import items in the I-O Norms and required for the manufacture of iron and steel intermediates; and (b) spares for a value not exceeding 5% of the value of the licence required for the maintenance of capital goods installed in the importer's factory"; (II) in clause (iv), for the proviso, the following shall be substituted, namely :- "Provided that no such Release Advice shall be issued by the Licensing Authority where benefit of duty exemption for such items has been availed under any other scheme."