Capital goods imported by specified importer - Amendment to Notification No. 160/92-Cus. - G.E. No. 188A. - 124/93 - Customs -Tariff

Capital goods imported by specified importer - Amendment to Notification No. 160/92-Cus. - G.E. No. 188A. Notification No. 124/93-Cus. Dated 20-5-1993 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 the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 160/92-Customs, dated the 20th April, 1992, namely :- In the said notification, for the Explanation, the following Explanation shall be substituted, namely :- 'Explanation. - In this notification,- (i) "capital goods" means any plant, machinery, equipment or accessories required by an importer for - (a) manufacture or production of goods and includes packaging machinery and equipment, refractories, refrigeration equipments, power generating sets, machine tools, catalysts for initial charge required for and imported along with capital equipments, equipments and instruments for testing, research and development, quality and pollution control; (b) use in manufacturing, mining, agriculture, aquaculture, animal husbandry, floriculture, horticulture, pisciculture, poultry and sericulture; and includes spare parts required for the maintenance of such capital goods not exceeding 10% of CIF value of the capital goods actually imported; (ii) "Export and Import Policy" means the Export and Import Policy, 1 April, 1992 - 31 March, 1997 published vide Public Notice of the Government of India in the Ministry of Commerce, No. 1-ITC (PN) 92-97, dated the 31st March, 1992, as amended from time to time; (iii) "Licensing Authority" means an authority competent to grant a licence under the Import (Control) Order, 1955, made under the Imports and Exports (Control) Act, 1947 (18 of 1947), or the Director General of Foreign Trade appointed under the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992) or an officer authorised by him to grant a licence under the said Act; (iv) "CIF value" in relation to second-hand capital goods, means CIF value of the corresponding new capital goods as may be determined by the Licencing Authority'.