Prescribes duty on polyester films for magnetic tapes - 087/89 - Customs -Tariff

Prescribes duty on polyester films for magnetic tapes Notification No. 87/89-Cus. Dated 1-3-1989 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 Balanced/Semi-tensilised/Tensilised Polyester Film of thickness not exceeding 39 microns, falling within Chapter 39 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) when imported in India for the purpose of manufacture of Magnetic tapes, from so much of that portion of the duty of customs leviable thereon which is specified in 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:- (i) an officer not below the rank of a Joint Director in the Department of Electronics of the Government of India or a Joint Director in the Directorate of Industries of the Government of a State or an Additional Industrial Adviser in the Directorate General of Technical Development of the Government of India is satisfied that the goods in question (including the quantity and technical specifications) are required for the purpose specified above and recommends grant of the above exemption; (ii) the importer shall, by the execution of a bond in such form and for such sum as may be specified by the Assistant Collector of Customs, bind himself to pay, on demand in respect of such goods, as are not approved to the satisfaction of the Assistant Collector of Customs to have been used for the aforesaid purpose an amount equal to the difference between the duty leviable on such goods, but for the exemption contained herein and that already paid at the time of importation; and (iii) the importer shall produce within six months or such extended period as the Assistant Collector of Customs may allow a certificate before the Assistant Collector of Customs issued by Central Excise authorities that the said goods have been used in the production of Magnetic tapes. EXPLANATION - For the purposes of this notification, "Polyester Film" shall mean polyester film without any treatment or coating of magnetic material and shall not include the Magnetic tapes in any form.