9911796707
TMI BlogExemption to Imports by U.N. or International Organisation for execution of projects in IndiaX X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the United Nations or an international organisation and approved by the Government of India, from the whole of the duty of customs leviable thereon under First Schedule to the customs Tariff Act, 1975 (51 of 1975), 4[***] and the whole of the special duty of customs leviable under section 68 of the Finance (No.2) Act 1996 (33 of 1996): Provided that the importer, at the time of clearance of the goods, produces before the Assistant Commissioner of Customs or Deputy commissioner of Customs, as the case may be, having jurisdiction,- (i) in case the said goods are - (a) imported by an international organisation listed in the Annexure appended to this notification and intended to be used in a project that has been approved by the Gove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e used in a project financed (whether by a loan or a grant) by the World Bank, the Asian Development Bank or any other international organisation other than those listed in the Annexure and the said project has been approved by the Government of India for implementation by the Government of a State or a Union Territory, a certificate from the executive head of the Project Implementing Authority and countersigned by the Principal Secretary or the Secretary (Finance), as the case may be, in the concerned State Government or the Union Territory, that the said goods are required for the execution of the said project, and that the said project has duly been approved by the Government of India for implementation by the concerned State Government. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y be, that the goods are no longer required for the project. The depreciated value of the goods shall be equal to the original value of the goods at the time of import reduced by the percentage points calculated by straight line method as specified below for each quarter of a year or part thereof from the date of clearance of the goods, namely:- (i) for each quarter in the first year at the rate of 4 per cent; (ii) for each quarter in the second year at the rate of 3 per cent; (iii) for each quarter in the third year at the rate of 2.5 per cent; and (iv) for each quarter in the fourth year and subsequent years at the rate of 2 per cent, subject to the maximum of 70%.] 1Explanation 1- For the purposes of this notification,- (a) ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
