Exemption to computer equipments [Heading No. 84.71] - 507/86 - Customs -Tariff

Exemption to computer equipments [Heading No. 84.71] Notification No. 507/86-Cus. Dated 24-12-1986 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 computer equipments falling under Heading No. 84.71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India, from - (a) 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 30% ad valorem; and (b) the whole of the additional duty leviable thereon under Section 3 of the said Customs Tariff Act, subject to the condition that the importer at the time of import of the said computer equipments produces to the Assistant Collector of Customs, a certificate issued by an officer not lower in rank than a Joint Director in the Department of Electronics, of the Government of India, to the effect that - (i) the import has been arranged through EXIM Bank established under the Export-Import Bank of India Act, 1981 (28 of 1981), (ii) the importer executes a bond with the Chief Controller of Imports and Exports agreeing to comply with all export obligations as stipulated in the policy of computer software export, software development announced by the Government of India in the Department of Electronics in 1986 and in the event of non-fulfilment, undertakes to pay an amount equal to the difference between the duty leviable on such computer equipments but for the exemption contained herein and the duty paid at the time of importation.