Aeroplanes falling within Heading No. 88.02 for operations within the country for specified period - 304/92 - Customs -Tariff

Aeroplanes falling within Heading No. 88.02 for operations within the country for specified period Notification No. 304/92-Cus. Dated 24-12-1992 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 exempts aeroplanes, falling under heading No. 88.02 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), which, - (i) are imported for operations within the country on wet lease basis for the period specified in column (1) of the Table hereto annexed; and (ii) are not intended to be registered in India, from so much of the duty of customs leviable thereon under the said First Schedule as is in excess of the duty specified in the corresponding entry in column (2) of the Table : Provided that the importer shall produce necessary evidence before the Assistant Collector of Customs at the time of clearance that the goods have been imported on a wet lease basis : Provided further that the importer shall furnish a bond to the Assistant Collector of Customs at the time of clearance of the aeroplane to the effect that- (a) the aeroplane shall not be registered in India; (b) the aeroplane shall be re-exported within the period declared by the importer; and (c) he shall pay, on demand, in the event of his failure to comply with conditions (a) and (b) above an amount equal to the difference between the duty leviable on the imported goods but for the exemption contained herein and that already paid at the time of importation. THE TABLE Length of period between the date of clearance for home consumption and the expected date when the goods are placed under Customs' control for export Rate of duty (1) (2) Not more than 6 months NIL More than 6 months but not more than 12 months 30% of the import duty More than 12 months but not more than 18 months 40% of the import duty More than 18 months but not more than 24 months 50% of the import duty More than 24 months but not more than 30 months 60% of the import duty More than 30 months but not more than 36 months 70% of the import duty More than 36 months 100% of the import duty Explanation. - For the purpose of this notification (i) "import duty" means the duty of customs leviable thereon under the said First Schedule to the Customs Tariff Act, 1975 (51 of 1975) read with any other notification for the time being in force; (ii) "wet lease" means lease of an aeroplane alongwith its crew, whether with or without maintenance staff for such aeroplane.