Prescription of value of spinnerettes falling within Chapter 84 imported in exchange of worn out spinnerettes - 67/94 - Customs -Tariff

Prescription of value of spinnerettes falling within Chapter 84 imported in exchange of worn out spinnerettes Notification No. 67/94-Cus. Dated 1-3-1994 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 exempts spinnerettes falling within Chapter 84 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) made, inter alia, of gold, platinum and rhodium or any one or more of these metals, when imported into India in exchange of worn out or damaged spinnerettes exported out of India, from so much of that portion of the duty of customs leviable thereon which is specified in the said First Schedule as is in excess of the duty which would be leviable if the value of the said spinnerettes were equal to - (i) the cost of such exchange, that is to say, the aggregate of - (a) labour charges, (b) cost of that quantity of gold, platinum and rhodium, if any, which is in excess of the respective quantity of gold, platinum or rhodium contained in the said spinnerettes exported out of India, and (c) any other charges paid by the importer to the supplier of such spinnerettes for such exchange of spinnerettes; and (ii) the insurance and freight charges, both ways, subject to the following conditions, namely :- (a) the spinnerettes acquired in exchange, are imported within one year of the date of exportation of spinnerettes out of India; and (b) no drawback of duty has been paid on the occasion of their export.