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of <h1>Advance Licence Imports Exempt from Duties Under Customs Act 1962: Conditions and Compliance Detailed.</h1> The notification exempts specified goods imported under an Advance Licence for Annual Requirement from customs duties, as per the Customs Act, 1962. Conditions include the license being issued to qualified exporters, specifying import and export values, and utilizing imported materials for manufacturing export products. Importers must execute a bond to ensure compliance, with exemptions applicable only after fulfilling export obligations. Imports and exports are restricted to designated ports and facilities, with allowances for sourcing from private bonded warehouses. Export obligations must be completed within 18 months, with evidence of compliance submitted to customs authorities. The notification outlines detailed procedures for documentation and compliance.
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