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The exempt material which remain unutilised after the expiry of export obligation period, shall be liable for payment of Customs duty together with 24% interest per annum and surrender of SIL equivalent to 5 times the CIF value of such excess imports, if the imported inputs is under the negative list of imports.
Circular No. 770-Income Tax A Bill to further amend the Additional Emoluments (Compulsory Deposit) Act, 1974 was introduced in the Lok Sabha on June 11, 1977 and was passed by the Lok Sabha on June 18, 1977. The Bill sought to replace the Ordinance issued by the Vice President acting as President on May 9, 1977. It provided that (i) compulsory deposit of additional dearness allowance would
