Prescribes duty on components of specified capital goods covered by Notification No. 78/89-Cus. - 079/89 - Customs -Tariff

Prescribes duty on components of specified capital goods covered by Notification No. 78/89-Cus. Notification No. 79/89-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 the components required for the manufacture of goods covered by the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 78/89-Customs, dated the 1st March, 1989, when imported into India, from so much of that portion of the duty of customs leviable thereon under the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) as is in excess of the amount calculated at the rate of 30% ad valorem : subject to the following conditions, namely :- (1) the exemption contained in this notification shall be applicable only to those components which are certified by an officer not below the rank of an Additional Industrial Adviser in the Directorate General of Technical Development of the Government of India, that the said components are required for the aforesaid purpose; and (2) the importer furnishes an undertaking to the Assistant Collector of Customs, at the time of importation, to the effect that - (i) the said components shall be used for the purpose specified above; and (ii) he shall pay, on demand, in the event of his failure to comply with (i) above, an amount equal to the difference between the duty leviable on the said components but for the exemption contained herein and that already paid at the time of importation.