Effective basic duty of 20% ad valorem and 'nil' additional duty on goods of Chapters 84, 85 and 90 when im­ported for renovation and modernisation of power plants subject to contain conditions - 86/93 - Customs -Tariff

Effective basic duty of 20% ad valorem and 'nil' additional duty on goods of Chapters 84, 85 and 90 when im ported for renovation and modernisation of power plants subject to contain conditions Notification No. 86/93-Cus. Dated 28-2-1993 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 exempts goods falling within Chapters 84, 85 or 90 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India for the renovation or modernisation of a power plant, from so much of the duty of customs leviable thereon under the said First Schedule, as is in excess of the amount calculated at the rate of 20% ad valorem and the whole of the additional duty leviable thereon under section 3 of the second mentioned Act, subject to the following conditions, namely :- (i) an officer not below the rank of a Director in the Central Electricity Authority certifies that the scheme for renovation or modernisation, as the case may be, of the said power plant, has been granted techno-economic clearance by the said Authority; (ii) an officer not below the rank of a Deputy Secretary in the Department of Power recommends, in each case, the grant of the aforesaid exemption to the said goods for such scheme; and (iii) the importer furnishes an undertaking to the Assistant Collector of Customs to the effect that the said goods shall be used for the purpose specified above and in the event of his failure to use the goods in the manner specified above, he shall be liable to pay an amount equal to the duty leviable on the said goods but for the exemption contained herein,