Customs exemption amendment updates conditions, adds interest on cleared inputs and removes licensing certificate requirement. Amendment to Notification No. 10/95 Customs, effected under sub section (1) of section 25 of the Customs Act, omits condition (2); adds to condition (3) an interest obligation accruing from the date of clearance of exempt inputs at a specified annual rate; and deletes the licensing authority certificate requirement from condition (4), thereby changing documentary prerequisites and imposing post clearance monetary liability on cleared inputs.
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Customs exemption amendment updates conditions, adds interest on cleared inputs and removes licensing certificate requirement.
Amendment to Notification No. 10/95 Customs, effected under sub section (1) of section 25 of the Customs Act, omits condition (2); adds to condition (3) an interest obligation accruing from the date of clearance of exempt inputs at a specified annual rate; and deletes the licensing authority certificate requirement from condition (4), thereby changing documentary prerequisites and imposing post clearance monetary liability on cleared inputs.
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