Effective duty on forgings limited while specified iron and steel products receive excise exemptions subject to conditions. Exempts specified iron and steel goods from excise duty in excess of amounts calculated at the effective duty rates specified in the Table, subject to conditions. Covered goods include molten iron in sand moulds for steel casting manufacture, ferro-alloys made by the alumino-thermic or thermit process, sponge iron and steel powders. Sets an effective duty for forgings and forged steel products conditional on no machining or surface treatments other than enumerated heat treatments, descaling, protective coatings, limited testing removal and defect removal. Provides differentiated effective duties for painted, lacquered, varnished or plastic coated sheets according to base sheet type produced in India.