Prescribes a basic duty of 35% and nil additional duty on 20 specified machinery and equipments for forged hand tool industry - 094/90 - Customs -Tariff

Prescribes a basic duty of 35% and nil additional duty on 20 specified machinery and equipments for forged hand tool industry. Notification No. 94/90-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 forged hand tools, 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 forged hand tools of three times the value of the goods imported within a period of five years from the dale 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. Horizontal Upset Forging/Machine above 12 mm - bar capacity. 2. Branch Sharpening Machine for Grinding broaches upto 250 mm dia and 2000 mm length and equipped with hydraulically operated cross slide for flat broach grinder. 3. Swaging Machine. 4. Multi-Spindle Rotary Table Grinding and Polishing Machine. 5. Single Spindle die-sinking/copy milling machine with or without CNC with milling spindle, diameter 130 mm and above and minimum table load of 10 tonnes. 6. Nickel Chrome recovery plant (on Ion Exchange principle). 7. Cross Wedge Rolling Machine for preforging material redistribution. 8. Centreless buff polishing machine for cylindrical shaped components. 9. Rotary index multistation polishing machine using belts or buff polishing wheels. 10. Cold hobbing press for making forging dies. 11. Broaching Machines above 25 tonnes capacity. 12. Counter Blow Hammers. 13. Automatic multistation Forming machine for manufacture of hand tool forgings/spanners/wrenchcs. 14. Orbital Rivetting Machines. 15. Torgue Testing Equipment. 16. (Special Purpose) Automatic multistation forming machine for cold/warm forging of stockets. 17. Universal Testing Machine above 100 tonnes capacity. 18. Vickers Hardness Tester. 19. Vacuum type direct reading spectrometer. 20. Automatic Direct reading carbon and sulphur determinator.