Exemption to melting scrap falling within Chapter 72 - 480/86 - Customs -Tariff

Exemption to melting scrap falling within Chapter 72 Notification No. 480/86-Cus. Dated 4-12-1986 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 melting scrap (other than heavy melting scrap) of iron or steel (other than stainless steel or heat resisting steel), falling within Chapter 72 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India for use in electric arc furnace, 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 20 per cent ad valorem : Provided that the proper officer is satisfied that such imported melting scrap is in fact used in electric arc furnace. 2. This notification shall be in force up to and inclusive of the 31st day of May, 1987.