Partial exemption from auxiliary duty in excess of 45% ad valorem on stainless steel coin blanks produced out of cold rolled stainless steel strips sent out of India for coin blanking - 211/92 - Customs -Tariff

Partial exemption from auxiliary duty in excess of 45% ad valorem on stainless steel coin blanks produced out of cold rolled stainless steel strips sent out of India for coin blanking Notification No. 211/92-Cus. Dated 21-5-1992 In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), read with sub-section (4) of section 111 of the Finance Act, 1992 (18 of 1992), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts stainless steel coin blanks falling within the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and produced out of cold rolled stainless steel strips sent out of India for coin blanking, when imported into India, from so much of the auxiliary duty of customs leviable thereon under sub-section (1) of section 111 of the said Finance Act as is in excess of the amount calculated at the rate of 45 per cent of the value of the said goods representing only - (i) conversion charges involved in converting the said cold rolled stainless steel strips to coin blanks, that is to say, - (a) labour charges; (b) cost of material (other than the cost of goods sent out of India) used in such coin blanking; and (c) any other charges which are payable in connection with coin blanking abroad; (ii) the insurance and freight charges, both ways, subject to the following conditions, namely :- (a) the coin blanks are imported within three years of the date of sending cold rolled stainless steel strips out of India; and (b) sufficient evidence exists to show that the coin blanks which are imported have in fact been obtained out of coin blanking of cold rolled stainless steel strips sent out of India.