Exemption to specified iron and steel items imported for the purpose of manufacture of machinery - 058/87 - Customs -Tariff

Exemption to specified iron and steel items imported for the purpose of manufacture of machinery Notification No. 58/87-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 goods specified in column (2) of the Table hereto annexed and falling within Chapter 72 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India for the purpose of manufacture of machinery falling under Chapters 84 and 85 of the said Customs Tariff Act 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 sixty per cent ad valorem , subject to the following conditions, namely:- 1. The authorities mentioned below are satisfied and certify in each case the quantity of the steel in question as are or will be required for the purpose specified above and recommends grant of the above exemption:- (i) The Industrial Adviser or Additional Industrial Adviser of the Directorate General of Technical Development of the Ministry of Industry; or (ii) The Director of Industries or the Commissioner of Industries of the State concerned in the case of firms which are classified as falling in the small scale sector. 2. The importer furnishes an undertaking to the effect that- (a) the imported steel shall be used for the purpose specified above; (b) an account of the said imported steel utilised in the manufacture of machinery shall be maintained in the manner specified by the Assistant Collector of Customs; (c) he shall produce the extract of such account evidencing receipt of the imported steel in question in the place of manufacture and its utilisation in the manufacture of machinery within a period of three months or such extended period as the Assistant Collector of Customs may allow; and (d) he shall pay, on demand, in the event of his failure to comply with (a), (b) or (c) above, an amount equal to the difference between the duty leviable on such quantity of the said imported goods but for the exemption contained herein and that already paid at the time of importation. THE TABLE Sl. No. Description of goods (1) (2) 1. Boiler or Pressure vessel quality steel plates, coils or sheets 2. Turbine blade flats 3. Stainless steel plates of thickness exceeding 5 mm