Sponge iron and hot briquetted iron - 254/86 - Customs -Tariff

Sponge iron and hot briquetted iron Notification No. 254/86-Cus. Dated 17-4-1986 In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance, Department of Revenue No. 10/86-Customs, dated the 15th January, 1986, the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts sponge iron and hot briquetted iron (HBI), falling within Chapter 72 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India for use in integrated steel plants, 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 5 per cent ad valorem; and (b) the whole of the additional duty leviable thereon under Section 3 of the said Customs Tariff Act. Explanation.—For the purposes of this notification, the expression "integrated steel plants" means a plant in which iron and steel are made from basic raw materials like iron ore, coal and limestone and the production line goes up to the stage of finished saleable items. 2. This notification shall be in force upto and inclusive of the 21st March, 1987.