Watches and clocks of retail sale price, not exceeding Rs. 500 per piece — MRP based valuation — Amendment to Notification No. 5/2001-C.E. (N.T.) - 057/2001 - Central Excise - Non Tariff

Watches and clocks of retail sale price, not exceeding Rs. 500 per piece — MRP based valuation — Amendment to Notification No. 5/2001-C.E. (N.T.)

Notification 57/2001- C.E. (N.T.)

Dated the 16-7-2001

In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 4A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 5/2001-Central Excise (N.T.), dated the 1st March, 2001, namely :-

In the said notification, in the Table, -

(i)     after serial No. 80 and entries relating thereto, the following serial No. and entries shall be inserted, namely :-

(1)	(2)	(3)	(4)
"80A.	9101.90 and 9102.90	Watches of retail sale price, not exceeding Rs. 500 per piece on which duty is paid at the rate specified in the First Schedule to the Central Excise Tariff Act, 1985 (6 of 1986) and the manufacturer does not avail of the exemption under any notification of Government of India in the Ministry of Finance (Department of Revenue), for the time being in force, in respect of such watches	35%";

(ii)    after serial No. 81 and entries relating thereto, the following serial No. and entries shall be inserted, namely :-

(1)	(2)	(3)	(4)
"81 A.	91.03 and 91.05	Clocks of retail sale price, not exceeding Rs. 500 per piece on which duty is paid at the rate specified in the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) and the manufacturer does not avail of the exemption under any notification of Government of India in the Ministry of Finance (Department of Revenue), for the time being in force, in respect of such clocks	45%".

(G. D. Lohani)

Under Secretary to the Government of India.

F. No. 341/15/2001-TRU

Note : Notification 5/2001- Central Excise (N.T.), dated the 1st March, 2001 was published in the Gazette of India, vide G.S.R.139(E) dated the 1st March, 2001.