Prescribes basic duty of 40% ad valorem on hot-rolled stainless sleel coils imported for manufacture of specified cold-rolled flat products - 084/90 - Customs -Tariff

Prescribes basic duty of 40% ad valorem on hot-rolled stainless sleel coils imported for manufacture of specified cold-rolled flat products. Notification No. 84/90-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 hot-rolled stainless steel coils, falling under Heading No. 72.19 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India for cold rolling and manufacture of stainless steel plates, sheets or strips, of a thickness of 1 mm or more, from so much of that portion of the duty of customs leviable thereon under the said First Schedule as is in excess of the amount calculated at the rate of 40% ad valorem subject to the following conditions, namely :- (a) the importer at the time of import undertakes to use the imported hot rolled stainless steel coils for cold rolling and manufacture of stainless steel plates, sheets or strips, of thickness of 1 mm or more; (b) 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 hot-rolled stainless steel coils as is not proved to have been used by the importer for the manufacture of stainless steel plates, sheets or strips, of thickness of 1mm or more, 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 (c) 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 importer manufactures the aforesaid cold rolled products, that the imported goods have been used in the manufacture of cold rolled plated, sheets or strips, of thickness 1 mm or more, and the said plates, sheets or strips have been cleared from the factory of production with a thickness of 1 mm or more.