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of <h1>Customs Act Update: Amendments to Notification No. 79/95-Customs Include Interest and Bond Requirement Changes for VABL Imports.</h1> The Central Government has amended the notification No. 79/95-Customs, dated March 31, 1995, under the Customs Act, 1962, to exempt materials imported against Value Based Advance Licenses (VABL) issued on or after April 1, 1995. Key changes include the removal of clause (a) in condition (iii), addition of a 24% annual interest on imported materials in clause (b), and a revised proviso stating that a bond is unnecessary post full discharge of export obligations. Condition (v) now requires evidence of export obligation discharge to satisfy the Assistant Commissioner of Customs. Bonds must be executed before goods clearance under both import and export headings.
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