Export duty exemption for specified iron and steel products and basmati rice prescribes reduced or nil effective duty on export. The Central Government, invoking section 25(1) of the Customs Act, 1962, exempts specified ferrous goods and basmati rice from so much of the customs duty under the Second Schedule to the Customs Tariff Act, 1975 as exceeds the rate set in the Notification's Table, thereby prescribing reduced or nil effective export duty rates for the listed Heading numbers; subsequent entries substitute nil or amended rates for particular items by later notifications.