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1st March, 2002
Notification No. 27 / 2002-Customs
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 goods of the description
specified in column (1) of the Table annexed hereto, from the payment of so much of the customs duty leviable thereon as is
specified in column (3) of the said Table, subject to the limitations and conditions specified in column (2) thereof, 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 importation;
(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 six
months of the date of importation or within
such extended period not exceeding one
year from the date of importation, as the
Assistant Commissioner of Customs or
Deputy Commissioner of Customs, as the
case may be, may allow;
(4) where the Assistant Commissioner of
Customs
or 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 clause (ii) in column (3) and
the duty already paid at the time of
importation; and
(5) the importer executes a bond, with a
bank guarantee, undertaking -
(a) to re-export the said goods within six
months of the date of importation or within
the aforesaid extended period;
(b) to produce the goods before the
Assistant Commissioner of Customs or
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 said
Customs Act, 1962, for the period starting
from the date of importation 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.
(i) in the case of goods which are re-exported within six
months of the date of importation, so much of the duty of
customs as is in excess of the amount calculated at the rate
of fifteen per cent. of the aggregate of the duties of customs,
which would be leviable under the said Customs Act, 1962 or
under any other law for the time being in force, read with any
notification for the time being in force in respect of the duty
so chargeable;
(ii) in the case of goods which are re-exported after six
months, but within one year, of the date of importation, so
much of the duty of customs as is in excess of the amount
calculated at the rate of thirty per cent. of the aggregate of the
duties of customs, which would be leviable under the said
Customs Act, 1962 or under any other law for the time being
in force, read with any notification for the time being in force
in respect of the duty so chargeable.
T. R. Rustagi
Joint Secretary to the Government of India
F. No. 334 /1/2002-TRU