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of <h1>Customs Act, 1962: Exemption on Duties for Imports with Pass Book under Export-Import Policy 1992-97; Conditions Apply.</h1> The Central Government, under the Customs Act, 1962, provides an exemption from customs duties for goods imported against a Pass Book issued under the Export and Import Policy 1992-97. This exemption covers both basic and additional customs duties, subject to conditions such as verification by customs authorities and specific credit entries in the Pass Book. The Pass Book is valid for two years, and credits must be used within three years. It is non-transferable and cannot be used for goods exported under certain schemes. The exemption is not applicable if there is insufficient credit or if the importer does not claim it for additional duties.
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