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of <h1>Section 39 of Finance Act 1967: Regulatory Customs Duty Imposed to Improve Economic Efficiency, Valid Until May 1968.</h1> Section 39 of the Finance (No. 2) Act, 1967, mandates the imposition of a regulatory duty of customs to regulate imports and enhance economic efficiency. This 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 provision was effective until May 15, 1968, and applies in addition to other customs duties under the Customs Act, 1962. The Customs Act's provisions, including those on refunds and exemptions, apply to this regulatory duty. Notifications under this section must be presented to Parliament.
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