Customs Act Update: Notification No. 29/2004 Aligns Export Obligations and Import Conditions with EXIM Policy Amendments

The Central Government, under the Customs Act, 1962, has issued Notification No. 29/2004 on January 28, 2004, to amend various customs notifications in alignment with the Export and Import (EXIM) policy. Key amendments include redefining "export obligation" to encompass exports of products manufactured using imported capital goods and specifying conditions for importers, including those rendering services. Additional amendments address duty-free replenishment certificates, the inclusion of fuel in specific conditions, and adjustments to capital goods and professional equipment requirements. These changes aim to streamline compliance with the EXIM policy and facilitate international trade.

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