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of <h1>Government Issues Notification No. 70/92-Cus, Exempts Stereo Flongs and Matrix Boards from Excessive Customs Duties Under Customs Act 1962.</h1> The Central Government, under the Customs Act, 1962, has issued Notification No. 70/92-Cus. dated March 1, 1992, superseding a previous notification from June 18, 1977. This notification exempts certain goods, specifically stereo flongs and matrix boards, from customs duties exceeding specified rates. Stereo flongs are subject to a 55% ad valorem duty, while matrix boards are subject to a 40% ad valorem duty. These exemptions apply to goods classified under Chapter 48 of the First Schedule to the Customs Tariff Act, 1975, and are deemed necessary in the public interest.
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