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of <h1>1997 Finance Act's Section 8B enables safeguard duty on imports threatening local industries, with exclusions for certain developing countries.</h1> The Finance Act, 1997 introduces Section 8B to the Customs Tariff Act, 1975, granting the Central Government authority to impose a safeguard duty on imported articles that threaten domestic industries. This duty excludes imports from developing countries if their share does not exceed specified limits. A provisional duty can be imposed pending final determination, refundable if no serious injury is found. The safeguard duty can last up to four years, extendable but not beyond ten years. The government may establish rules for identifying liable articles and assessing duties. Notifications must be presented to Parliament.
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