Goods specified if exported under claim for drawback are likely to be smuggled back into India - Amends Notification No. 208/77-Cus. - 375/87 - Customs -Tariff

Amends Notification No. 208/77-Cus. Notification No. 375/87-Cus. Dated 10-12-1987 In exercise of the powers conferred by sub-section (2) of section 76 of the Customs Act, 1962 (52 of 1962), the Central Government hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 208-Customs, dated the 1st October, 1977, namely :- In the said notification, for paragraph 2, the following shall be substituted, namely :- '2. Nothing contained in this notification shall apply, - (a) if any such goods are exported under claim for drawback to any place in Nepal against irrevocable letters of credit in freely con-vertiable currency established by Nepalese importers in favour of Indian exporters for the value of such goods; or (b) if any such goods as are specified in the Annexure below (hereinafter referred to as the capital goods ) are exported under claim for drawback to any place in Nepal. against any global tender invited by His Majesty's Government of Nepal and for which payment is received in Indian currency, subject to the conditions that - (i) a certificate duly signed by the concerned bank in India is produced showing that the payment in freely convertible currency or, as the case may be, in Indian currency, has been duly received by the said bank; and (ii) where any such export takes place through a land customs station, such export shall be only through the land customs station at jobani, Nautanwa or Raxaul. ANNEXURE The Capital goods : Goods, that is to say, all items of machinery including prime movers, instruments, apparatus and appliances, control gear and transmission equipment as well as auxiliary equipment (including those required for research and development purposes, testing and quality control), required by an investor for production of goods or for rendering services, including those for replacement or expansion. Explanation . - For the purpose of this notification, freely convertible currency means Australian Dollars, Austrain Schillings, Baharin Dinars, Belgian Francs, Canadian Dollars, Danish Kroners, Deutsche Marks, French Frances, Hongkong Dollars, Italian Lire, Japanese Yen, Knwaiti Dinars, Malaysian Dollars, Netherlands Guilders, Norwegian Kroners, Pounds Sterling, Singapore Dollars, Swedish Kroners, Swiss Francs and U.S.A. Dollars and includes Indian currency bought by the Asian Development Bank by payment to the Reserve Bank of India in foreign exchange.