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of <h1>Customs Notification Amended: New Import License Requirements and Expanded Definition of Capital Goods under Customs Act 1962</h1> The Central Government has amended Notification No. 161/92-Customs, dated April 20, 1992, under the Customs Act, 1962, to align with public interest. The amendments include replacing condition (i) to specify that components must be imported under a license or release order granted by the Licensing authority as per the Export and Import Policy. The definition of 'capital goods' has been expanded to include various machinery and equipment for manufacturing, agriculture, and other sectors. Additionally, the term 'Licensing authority' is redefined to include authorities under the Import (Control) Order, 1955, and the Director General of Foreign Trade.
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