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of <h1>New Rules Under Section 76 of Customs Act: No Drawbacks for Low-Value Goods or Risk of Smuggling Back to India.</h1> Section 76 of the Customs Act, 1962, outlines the prohibition and regulation of drawbacks in certain cases. It specifies that no drawback is allowed for goods with a market price lower than the drawback amount or if the drawback amount is less than fifty rupees. Additionally, the Central Government may restrict or deny drawbacks for goods likely to be smuggled back into India by issuing a notification in the Official Gazette. These measures aim to prevent misuse of the drawback system and ensure compliance with customs regulations.
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