Specified Iron and Steel Melting Scrap falling under Heading No. 72.04 - 214/92 - Customs -Tariff

Specified Iron and Steel Melting Scrap falling under Heading No. 72.04 Notification No. 214/92-Cus. Dated 9-6-1992 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 further amendments in the notification of the Government of India in the Ministry of Finance, Department of Revenue, No. 83/90-Customs, dated the 20th March, 1990, namely :- In the said notification,- (i) for the words "when imported into India for use in electric arc furnace or induction furnace", the words "when imported into India for use in electric arc furnace or induction furnace or for supply to a unit for use in electric arc furnace or induction furnace" shall be substituted; and (ii) for the proviso, the following proviso shall be substituted, namely :- "Provided that: (a) the importer executes a bond in such form and for such sum as may be specified by the Assistant Collector of Customs, undertaking to pay, on demand, in respect of such quantity of the said scrap as is not proved to have been used in electric arc furnace or induction furnace, an amount equal to the difference between the duty leviable on such quantity but for the exemption contained herein and that already paid at the time of importation; and (b) the importer produces to the Assistant Collector of Customs, within six months or such extended period, as the said Assistant Collector of Customs may allow, a certificate issued by the Assistant Collector of Central Excise in whose jurisdiction the said melting scrap of iron and steel has been used in electric arc furnace or induction furnace, that the said melting scrap has been so used."