Emergency power to increase import duties allows government to notify immediate duty hikes subject to later approval and procedural safeguards. The amendment inserts an emergency power allowing the Central Government to increase import duties by notification in the Official Gazette where immediate action is necessary, subject to a proviso that no substitute notification may be issued for a rate set under this emergency power until that earlier notification has been approved with or without modifications; subsections (3) and (4) of section 7 are made applicable to notifications issued under the approval provision, and the First and Second Schedules are amended accordingly.