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Introducing the βIn Favour Ofβ filter in Case Laws.
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<h1>Finance Act 2007 Omits Customs Act Section 76K on Security for Duty-Free Goods in Special Economic Zones.</h1> Section 76K of the Customs Act, 1962, which related to security requirements for goods admitted free of duty to a Special Economic Zone or goods under transshipment to and from such zones, was omitted by the Finance Act of 2007, effective from May 11, 2007. Prior to its omission, the section mandated the execution of bonds and sureties or securities as specified in the relevant rules for such goods.