Customs exemption amendment extends proviso timing and specifies licence valuation reference for petroleum supplies. Amendment to the customs exemption modifies Notification No. 513/86-Cus by (1) adding the words 'or after 31st March, 1993' to the proviso in paragraph 1A, clause (iii), thereby changing its temporal scope, and (2) substituting the phrase 'value of the licence issued upto 31st March, 1993' for 'value of the licence' in the Explanation to clause (ii)(b), thus specifying the reference period for licence valuation. Both changes are made under section 25(1) of the Customs Act, 1962.
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Customs exemption amendment extends proviso timing and specifies licence valuation reference for petroleum supplies.
Amendment to the customs exemption modifies Notification No. 513/86-Cus by (1) adding the words "or after 31st March, 1993" to the proviso in paragraph 1A, clause (iii), thereby changing its temporal scope, and (2) substituting the phrase "value of the licence issued upto 31st March, 1993" for "value of the licence" in the Explanation to clause (ii)(b), thus specifying the reference period for licence valuation. Both changes are made under section 25(1) of the Customs Act, 1962.
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