NOTIFICATION New Delhi, the 1
st
March, 2008
No.27/2008-Customs 11 Phalguna, 1929 (Saka)
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the
Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary
in the public interest so to do, hereby makes the following amendments in the notification of the
Government of India in the Ministry of Finance (Department of Revenue), No. 27/2002-
Customs, dated the 1
st
March, 2002 which was published in the Gazette of India, Extraordinary,
vide number G.S.R.124(E) of the same date, namely:-
In the said notification, for the TABLE, the following TABLE shall be substituted, namely:-
“TABLE
Description
of goods
Limitations and conditions Extent of exemption
(1) (2) (3)
Machinery,
equipment or
tools, falling
under
Chapters 84,
85, 90 or any
other Chapter
of the First
Schedule to
the Customs
Tariff Act,
1975 (51 of
1975).
(1) the goods have been taken on
lease by the importer for use after
import;
(2) the importer makes a declaration
at the time of import that the goods
are being imported temporarily for
execution of a contract;
(3) the said goods are re-exported
within three months of the date of
such import or within such extended
period not exceeding 18 months from
the date of said import, as the
Assistant Commissioner of Customs
or the Deputy Commissioner of
Customs, as the case may be, may
allow;
(4) where the Assistant
Commissioner of Customs or the
Deputy Commissioner of Customs, as
the case may be, grants extension of
the aforesaid period for re-export, the
importer shall pay the difference
between the duty payable under the
relevant clause in column (3) and the
duty already paid at the time of their
import; and
(5) the importer executes a bond,
with a bank guarantee, undertaking–
(a) to re-export the said goods within
three months of the date of import or
in the case of,-
(i) goods which are re-exported
within three months of the date of
import, so much of the duty of
customs as is in excess of the
amount calculated at the rate of
five per cent.;
(ii) goods which are re-exported
after three months, but within six
months, of the date of import, so
much of the duty of customs as is
in excess of the amount calculated
at the rate of fifteen per cent.;
(iii) goods which are re-exported
after six months, but within nine
months, of the date of import, so
much of the duty of customs as is
in excess of the amount calculated
at the rate of twenty five per
cent.;
(iv) goods which are re-exported
after nine months, but within
twelve months, of the date of
import, so much of the duty of
customs as is in excess of the
amount calculated at the rate of
thirty per cent.;
(v) goods which are re-exported
after twelve months, but within
fifteen months, of the date of
import, so much of the duty of
Description
of goods
Limitations and conditions Extent of exemption
(1) (2) (3)
within the aforesaid extended period;
(b) to produce the goods before
the Assistant Commissioner of
Customs or the Deputy
Commissioner of Customs for
identification before re-export;
(c) to pay the balance of duty, along
with interest, at the rate fixed by
notification issued under section
28AB of the Customs Act, 1962, for
the period starting from the date of
import of the said goods and ending
with the date on which the duty is
paid in full, if the re-export does not
take place within the stipulated
period
customs as is in excess of the
amount calculated at the rate of
thirty five per cent.;
(vi) goods which are re-exported
after fifteen months, but within
eighteen months, of the date of
import, so much of the duty of
customs as is in excess of the
amount calculated at the rate of
forty per cent.,
of the aggregate of the duties of
customs, which would be leviable
under the Customs Act, 1962 or
under any other law, read with any
notification for the time being in
force in respect of the duty so
chargeable.
Note: The goods imported under this concession shall not be eligible for drawback under sub-
section (2) of section 74 of the Customs Act, 1962.”.
[F.No.334/1/2008-TRU]
(S. Bajaj)
Under Secretary to the Government of India
Note: The principal notification No. 27/2002-Customs, dated the 1
st
March, 2002 was published
in the Gazette of India, Extraordinary, vide G.S.R. 124(E), dated the 1
st
March, 2002.