Exemption to mechanical parts for manufacture of specified machines - 081/87 - Customs -Tariff

Exemption to mechanical parts for manufacture of specified machines Notification No. 81/87-Cus. Dated 1-3-1987 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 [other than parts containing thermionic valves or transistors or other semi-conductor devices or light emitting diodes or electric thermo-circuits or capacitors (other than paper capacitors)] required for manufacture of goods covered by the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 118/80-Customs, dated the 19th June, 1980 when imported into India, from - (a) 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 20 per cent ad valorem; and (b) the whole of the additional duty leviable thereon under section 3 of the Customs Tariff Act, subject to the 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 Govern ment of India, as 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 imported goods shall be used for the purpose specified above; and (ii) the importer 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 imported goods but for the exemption contained herein and that already paid at the time of importation.