Seeks to further amend notification No. 50/2017-Customs so as to amend the condition with regard to provisional mega power projects and permit proportionate release of FDR or BG based on proportionate mega certificate issued by Ministry of Power. - 89/2017 - Customs -Tariff
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Security requirement for provisional mega power projects: proportionate release of FDR or BG allowed per mega certificate. Amends Condition No.95(a) of Notification No.50/2017-Customs to require importers relying on a provisional Mega Power Project certificate to furnish an FDR or BG from a Scheduled Bank in the name of the President of India for 126 months equal to the duty otherwise payable, payable to the Deputy or Assistant Commissioner of Customs at import; failure to furnish the final certificate within 120 months permits appropriation of the security toward duty. The amendment allows proportionate release of the FDR or BG as per the proportionate Mega certificate issued by the Joint Secretary in the Ministry of Power.
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Provisions expressly mentioned in the judgment/order text.
Security requirement for provisional mega power projects: proportionate release of FDR or BG allowed per mega certificate.
Amends Condition No.95(a) of Notification No.50/2017-Customs to require importers relying on a provisional Mega Power Project certificate to furnish an FDR or BG from a Scheduled Bank in the name of the President of India for 126 months equal to the duty otherwise payable, payable to the Deputy or Assistant Commissioner of Customs at import; failure to furnish the final certificate within 120 months permits appropriation of the security toward duty. The amendment allows proportionate release of the FDR or BG as per the proportionate Mega certificate issued by the Joint Secretary in the Ministry of Power.
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