Colour jumbo films - 266/86 - Customs -Tariff

Colour jumbo films Notification No. 266/86-Cus. Dated 28-4-1986 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 colour jumbo films falling within Chapter 37 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India for processing into colour cine films, 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 50% ad valorem : Provided that the importer furnishes an undertaking to the effect that— (a) the said colour jumbo films shall be used for the purpose specified above; and (b) he shall pay, on demand, in the event of his failure to comply with (a) 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.