Notification on budgeted speech 2010

[Venkateswararao Sunkara]

with repect to above, Speach of the Hon'ble Fin.Minister produced hereunder ' Full exemption from import duty is available to specified machinery for road construction projects on the condition that the machinery shall not be sold or disposed of for a minimum period of five years. In view of representations that this leads to idling of machinery, I propose to allow resale of such machinery on payment of import duty at depreciated value. It is also being clarified that the importer is free to relocate such machinery to other eligible road construction projects'. With repect to above, is there any notification or amendment issued by the Govt

AI Summary

Finance Minister's 2010 Budget Speech: Resale and Relocation of Road Construction Machinery Explained Under Notification No. 21/2002 Customs. A discussion on a forum addressed a query regarding a budget speech from 2010 by the Finance Minister concerning import duty exemptions on machinery for road construction. The speech proposed allowing the resale of such machinery after five years with import duty applied at a depreciated value, and clarified that machinery could be relocated to other projects. A participant inquired if any official notification or amendment had been issued by the government. A response directed the inquirer to amended notification no. 21/2002 Customs for further details.