Customs exemption amendment imposes enhanced export obligation and bond for certain imported machinery and adds specified textile and sericulture equipment. The amendments revise concession conditions by increasing the concessional rate and, except for looms and Rotor Spinning Machine, impose an export obligation requiring importers to export goods of value not less than five times the machine's customs value within five years, above prior average export performance, secured by a bond specified by the Chief Controller of Imports and Exports and subject to monitoring instructions; additionally, the Tables annexed to the notifications are expanded to list numerous textile-processing and sericulture machines included within the exemption framework.
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Customs exemption amendment imposes enhanced export obligation and bond for certain imported machinery and adds specified textile and sericulture equipment.
The amendments revise concession conditions by increasing the concessional rate and, except for looms and Rotor Spinning Machine, impose an export obligation requiring importers to export goods of value not less than five times the machine's customs value within five years, above prior average export performance, secured by a bond specified by the Chief Controller of Imports and Exports and subject to monitoring instructions; additionally, the Tables annexed to the notifications are expanded to list numerous textile-processing and sericulture machines included within the exemption framework.
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