Prescribes a basic duly of 35% and nil additional duty on 10 specified equipments for rubber belling industry - 095/90 - Customs -Tariff

Prescribes a basic duly of 35% and nil additional duty on 10 specified equipments for rubber belling industry. Notification No. 95/90-Cus. Dated 20-3-1990 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 the goods specified in the Table below, when imported into India for the manufacture of rubber belts, from - (a) so much of that portion of the duty of customs leviable thereon which is specified in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) as is in excess of the amount calculated at the rate of 35 per cent ad valorem ; and (b) the whole of the additional duty of customs leviable thereon under section 3 of the said Customs Tariff Act, subject to the condition that at the time of the import of the goods the importer produces to the Assistant Collector of Customs a certificate issued by an officer not lower in rank than a Joint Chief Controller of Imports and Exports to the effect that - (i) the importer has executed a bond specified in this regard by the Chief Controller of Imports and Exports undertaking to export rubber belts of three times the value of the goods imported within a period of five years from the date of import of the goods and that the bond so executed is backed by a bank guarantee for 150 per cent of the amount equal to the difference between the duty leviable on such goods but for the exemption contained herein and that payable in terms of this notification; and (ii) the importer has undertaken to comply with such instructions as are issued by the Chief Controller of Imports and Exports to monitor and enforce the fulfilment of the said export obligation. TABLE S. No. Description of goods (1) (2) 1. Bias Cutter/Slitter 2. Vee Belt Drum Building Machine (a) Collapsible drums for Drum Building Machine (b) Skiving Machine (c) Cord Band Making Machine 4. Vee Belt Jacketing Machine 5. Rotocures (Horizontal) 6. Grading and Coding Machine 7. Conveyor Belt/Transmission Belt Curing Press 8. Raw Edge Vee Belt Building Machine 9. Raw Edge Vee Belt Cutting Machine 10. Mandrels