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of <h1>Section 77 of Finance Act, 1965: Regulatory Customs Duty on Imports Up to 25% for Effective Management</h1> Section 77 of the Finance Act, 1965, outlines the imposition of a regulatory duty of customs to manage imports effectively. The duty, specified by the Central Government, can be up to 25% of the rate in the First Schedule of the Tariff Act or 10% of the goods' value, whichever is higher. This duty is additional to other customs duties and is subject to the Customs Act, 1962 provisions. The section's effect ceases after May 15, 1966, except for actions taken before that date. Notifications related to this duty must be presented to Parliament.
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