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of <h1>India Amends Customs Notification: Aircraft Parts Under Standard Exchange Scheme Exempt from Excess Duties Until 2029.</h1> The Government of India, through the Ministry of Finance, has issued Notification No. 23/2016-Customs, amending Notification No. 72/1994-Customs. This amendment exempts certain aircraft parts imported under the Standard Exchange Scheme from customs duties exceeding the cost of exchange, insurance, and freight. Conditions for exemption include that parts must be repaired or overhauled, not new, and covered by a Standard Exchange Agreement. Importers must be registered with the Director General of Civil Aviation and provide certification that no duty drawback is claimed. This notification is effective until March 31, 2029.
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