Exemption to goods imported by air - 001/87 - Customs -Tariff

Exemption to goods imported by air Notification No. 1/87-Cus. Dated 1-1-1987 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 imported into India by air from so much of the duty of customs as is equivalent to the duty of customs leviable on such goods with reference to that part of the value of such goods which is calculated by including the cost of freight in excess of - (a) fifteen per cent of the f.o.b. value of such goods; or (b) where such cost of freight is less than fifteen per cent of the f.o.b. value of such goods, such percentage of the f.o.b. value as is actually incurred.