The Ministry of Finance has rolled out an amendment, Notification No. 50/2023-Customs dated 25th August 2023, targeting conditional exemptions on certain varieties of rice. This change pertains to an earlier notification No. 55/2022-Customs dated 31st October 2022. The amendment to the 2022 notification by introducing conditional exemptions for specific rice varieties showcases the government’s adaptive approach to trade regulations. By factoring in ongoing trade commitments and ensuring fairness in trading practices, the Ministry of Finance demonstrates its commitment to fostering a balanced trade environment that’s both protective and progressive.
MINISTRY OF FINANCE
(Department of Revenue)
Notification No. 50/2023-Customs | Dated: 25th August, 2023
G.S.R. 629(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. 55/2022-Customs, dated the 31st October 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 796(E), dated the 31st October 2022, namely:-
In the said notification, –
(i) in the Table, after S. No. 2 and the entries relating thereto, the following S. Nos. and entries shall be inserted, namely: –
| (1) | (2) | (3) | (4) | (5) |
| “2A. | 1006 30 10 | Rice, parboiled | Nil | 5 |
| 2B. | 1006 30 10 | Rice, parboiled | Nil | 6”; |
(ii) in the Annexure, after Condition number 4 and the entries relating thereto, the following Condition numbers and entries shall be inserted, namely: –
|
“5. |
Rate of duty shall come into force on the 16th day of October, 2023 |
| 6. | (i) Goods meant for export shall have entered the customs station for the purpose of exportation before the 25th day of August, 2023, and an order permitting clearance has not been issued by the proper officer; and
(ii) Goods meant for export shall be backed by irrevocable Letter(s) of Credit, wherein the said letter(s) of credit has been opened before the 25th day of August, 2023, and the message exchange date between the Indian and Foreign bank/swift date should be before the 25th day of August, 2023, and such Letter(s) of Credit should have been authenticated by the Recipient Bank. “. |
[F. No. CBIC-190354/161/2023-TRU]
AMREETA TITUS, Dy. Secy.
Note: The principal notification No. 55/2022-Customs, dated the 31st October 2022, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 796(E), dated the 31st October 2022, and was last amended vide notification No. 31/2023-Customs, dated the 20th April, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 309(E), dated the 20th April, 2023.
