Capital goods - Amendment to Notification No. 160/92-Cus. - G.E. No. 188A - 306/92 - Customs -Tariff

Capital goods - Amendment to Notification No. 160/92-Cus. - G.E. No. 188A Notification No. 306/92-Cus. Dated 28-12-1992 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 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 - (a) for condition (i), the following condition shall be substituted, namely :- "(i) the capital goods imported are covered by a valid licence issued under the Export Promotion Capital Goods (EPCG) Scheme in terms of the Export and Import Policy (hereinafter referred to as the Policy) and the said licence is produced for debit at the time of clearance;"; (b) In the Explanation, - (i) for clause (i), the following clause shall be substituted, namely:- "(i) "Capital Goods" means any plant, machinery, equipment, or accessories required by an importer for manufacture of goods and shall include machinery for packing goods, testing equip ments, equipments required for Research and Development activity, refractories and power generating sets; and spare parts required for the maintenance of such capital goods not exceeding 10% of the CIF value of the capital goods actually imported"; (ii) after clause (iii), the following shall be added, namely :- "(iv) in case of second hand capital goods the term 'CIF value' indicated in column (2) of the Table shall mean CIF value of corresponding new capital goods as may be determined by the licensing authority."