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of <h1>India Cuts Customs Duties on Bicycle Manufacturing Machinery; Requires Export Bond & Bank Guarantee</h1> The Central Government of India has issued an exemption notification under the Customs Act, 1962, reducing customs duties on specific machinery used for manufacturing bicycles. The exemption applies to goods within Chapters 84, 85, or 90 of the Customs Tariff Act, 1975, reducing the duty to 35% ad valorem and waiving additional customs duties. Importers must provide a certificate from a Joint Chief Controller of Imports and Exports, execute a bond to export bicycles worth three times the imported goods' value within five years, and secure a bank guarantee. The machinery list includes various specialized machines for bicycle production.
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