Partial exemption from auxiliary duty to cinematograph films - 316/86 - Customs -Tariff

Partial exemption from auxiliary duty to cinematograph films Notification No. 316/86-Cus. Dated 13-5-1986 In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) read with sub-section (4) of section 49 of the Finance Act, 1986 (23 of 1986), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 192/86-Customs, dated the 1st March, 1986, the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts every cinematograph film, exposed, falling under Heading No. 37.06 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India, from so much of the auxiliary duty of customs leviable thereon under sub-section (1) of section 49 of the said Finance Act, as is in excess of the amount calculated at the rate of 40 per cent of the value representing only : (a) the cost of the print of the cinematograph film; and (b) the freight and insurance charges incurred in respect of the print of such cinematograph film.