Temporary Admission of Goods under agreement between ITA and TECC

Dated 12th May, 2014 | Notification no.10/2014 | 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, being satisfied that it is necessary in the public interest so to do, hereby exempts the goods described in Schedule I annexed hereto, when imported into India for display or use at any event specified in Schedule II  from the whole of the duty of customs leviable thereon which is specified in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and from the whole of the additional duty leviable thereon under section 3 of the said Customs Tariff Act, subject to the conditions that, - (1)  the event specified in Schedule II annexed hereto is being held in public interest and is sponsored or approved by the Government of India or the India Trade Promotion Organisation; (2)  the said goods are imported under an FICCI/TAITRA Carnet (hereinafter referred to as the Carnet) issued in accordance with the Agreement between the India-Taipei Association in Taipei and the Taipei Economic and Cultural Center in India on the FICCI/TAITRA Carnet for the Temporary Admission of Goods signed on 20th March, 2013 and reproduced in Schedule III annexed hereto and the Carnet is guaranteed by the Federation of Indian Chamber of Commerce and Industry in India (hereinafter referred to as FICCI ); (3)  the said goods in all respects conform to the description, quantity, quality, value and other specifications given in the Carnet duly certified by the Customs authorities in the territory of exportation; (4)  the said goods shall be exported within a period of six months from the date of importation:           Provided that where the goods are exported within the said period of six months and again re-imported, the period of six months shall be computed from the date of its first importation:          Provided further that when the Deputy Commissioner of Customs or Assistant Commissioner of Customs is satisfied that it is necessary in the public interest so to do, he may extend the said period of six months by a further period not exceeding six months; (5)  in the event of failure to export the goods within the period specified in condition (4), the customs duty leviable on the goods as on the date of clearance shall be paid by FICCI:          Provided that FICCI shall not be liable to pay the customs duty in cases where the said goods are sold in exhibitions or fairs or otherwise disposed of in India in accordance with any law for the time being in force applicable to such goods and on payment of the duties of Customs which are payable in respect of such goods. 2.  Nothing contained in this notification shall apply to goods imported through the medium of post. 3.  This notification shall come into force on the date of its publication in the Official Gazette.     [F. No. 18000/1/2013-OSD(ICD)]

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The Dollar Business Bureau - May 13, 2014 12:00 IST