Amendment to Notification No. 187/76-Cus; increasing the value limit and period of re-export of engineering prototypes - 038/88 - Customs -Tariff

Amendment to Notification No. 187/76-Cus; increasing the value limit and period of re-export of engineering prototypes Notification No. 38/88-Cus. Dated 1-3-1988 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 makes the following amendments in the notification of the Government of India in the Department of Revenue and Banking No. 187/76-Customs, dated the 2nd August, 1976, namely :- In the said notification, - (a) for the condition (ii) and the proviso, the following shall be substituted, namely :- "(ii) where the value of a sample does not exceed rupees ten thousand, the same shall be rendered useless as merchandise by any suitable process and where this is not possible, it shall be re-exported within a period of nine months of import or such extended period as may be allowed by the Assistant Collector of Customs (or if the importer does not wish to so re-export, the duty leviable thereon shall be paid); (iii) where the value of a sample exceeds rupees ten thousand, it shall be re-exported within a period of nine months of import or such extended period as may be allowed by the Assistant Collector of Customs (or if the importer does not wish to so re-export, the duty leviable thereon shall be paid); and (iv) the importer executes a bond in such form and in such sum with such surety as may be specified by the Assistant Collector of Customs for the purpose of enforcing condition (ii) or (iii), as the case may be."