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TMI BlogAmendments in the notification Number 40/2006-Customs, dated the 1st May 2006 - Exempts materials imported into India against a Duty Free Import AuthorisationX X X X Extracts X X X X X X X X Extracts X X X X ..... se 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 makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) Number 40/2006-Customs, dated the 1st May 2006 [Vide G.S.R 260 (E), dated the 1st May, 2006], namely :- In the said notification,- (1) for condition number (iii) the following conditions shall be substituted, namely:- "(iii) that in respect of imports made before the discharge of export obligation in full, the importer at the time of clearance of the imported materials executes a bond with suc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... b) the imported materials are transferred with the permission of Regional Authority, then the importer shall pay an amount equal to the additional duty of customs leviable on the materials so imported or transferred, but for the exemption contained herein, together with interest at the rate of fifteen percent per annum from the date of clearance of the said materials: Provided further that if the importer pays additional duty of customs leviable on the imported materials but for the exemption contained herein, then the imported materials may be cleared without furnishing a bond specified in this condition and the additional duty of customs so paid shall be eligible for availing CENVAT Credit under the CENVAT Credit Rules, 2004 ; (iiib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... export obligation by supplying the resultant products to the exporter in terms of paragraph 4.1.3 (ii) of the Foreign Trade Policy." (4) In the Explanation, after clause (iv), the following clause shall be inserted, namely:- "(v) dutiable goods" means excisable goods which are not exempt from central excise duty and which are not chargeable to 'nil' rate of central excise duty ." . [F. No.605/109/2006-DBK] (S.R. Meena) Under Secretary to the Government of India . Note :- The principal notification number 40/2006-Customs, dated the 1st May,2006 was published in the Gazette of India, Extraordinary Part II, section 3, sub-section (i) vide number GSR 260 (E), dated the 1st May,2006 and was last amended by the not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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