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I am directed to say that with the enactment of the Finance Bill, 1995 with effect from 26.5.1995 section 27 A relating to payment of interest on delayed refund of customs duties have become part of the Customs Act, 1962. Consequently, Notification No. 32/95 (NT) customs dated 26.5.1995 has been issued by the Board to
The importer executes a bond in such form and for such sum and with such surety or security as may be specified by the Assistant Commissioner of Customs or Deputy Commissioner of Customs binding himself to fulfil export obligation equivalent to six times the CIF value of the goods imported on FOB basis, or four times of the CIF value on Net Foreign Exchange basis as specified in the licence, or for such higher sum as may be fixed by the Licensing Authority, within a period of eight years in the following proportions
The goods imported are covered by a valid licence issued on or after 1st May, 1995 under the Export Promotion Capital Goods (E.P.C.G) Scheme in terms of Export and Import Policy (hereinafter referred to as the said policy) permitting import on payment of duty of customs at the rate of 15% and the said licence is produced for debit by the proper officer of the customs at the time of clearance
