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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).
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(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.
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(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.
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