Duty deferment under Advance Licence imports allowed duty-free clearance, subject to export obligation, adjustment against drawback, and interest liability. Section 143A of the Customs Act, 1962, as originally inserted and later omitted, dealt with duty deferment for materials imported under an Advance Licence subject to an export obligation. It allowed clearance without immediate payment of duty, subject to adjustment against drawback on export of the specified goods. If the duty was not so adjusted because exports were not made within the prescribed or extended period, the importer remained liable for the unadjusted duty with simple interest, and a bond with surety or security could be required to ensure compliance.
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Provisions expressly mentioned in the judgment/order text.
Duty deferment under Advance Licence imports allowed duty-free clearance, subject to export obligation, adjustment against drawback, and interest liability.
Section 143A of the Customs Act, 1962, as originally inserted and later omitted, dealt with duty deferment for materials imported under an Advance Licence subject to an export obligation. It allowed clearance without immediate payment of duty, subject to adjustment against drawback on export of the specified goods. If the duty was not so adjusted because exports were not made within the prescribed or extended period, the importer remained liable for the unadjusted duty with simple interest, and a bond with surety or security could be required to ensure compliance.
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