Iron or steel - 87/86 - Customs -Tariff

Iron or steel Notification No. 87/86-Cus. Dated 17-2-1986 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 high Carbon Steel in the forms described in the Table below and falling within Chapter 72 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India; 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 50% ad valorem . TABLE Sl. No. Description of goods (1) (2) 1. Puddled bars, pilings, ingots, blocks, lumps and similar forms, blooms billets, slabs and sheet bars (including tinplate bars), of iron or steel. 2. Bars and rods (including wire rod) of iron or steel, hot rolled, forged, extruded, cold formed or cold finished (including precision made hollow mining drill steel. (i) For the purposes of this notification Explanation : "High Carbon Steel" means steel containing by weight, not less than 0.60 per cent of carbon and having a content by weight less than 0.04 per cent of phosphorus and sulphur taken separately and less than 0.07 per cent of these elements taken together ; (ii) "hollow mining drill steel" means steel hollow bars of any cross section, suitable for mining drills, of which the greatest external dimension exceeds 15 mm. but does not exceed 50 mm and of which the greatest internal dimension does not exceed one-third of the greatest external dimension. 2. This notification shall come into force on the 28th day of February, 1986.