Exemption to Goods imported against a Pass Book issued by the designated authority under paragraph 54 of the Export and Import Policy 1992-97

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....oms leviable thereon which is specified in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975); and (ii) the whole of the additional duty leviable 1[ under sub-sections (1), (3) and (5) of section 3 ] of the said Customs Tariff Act, where specifically claimed by the importer, subject to the following conditions, namely:- (1) That the importer has been issued a Pass Book by the designated authority under paragraph 54 of the Export and Import Policy (hereinafter referred to as said Pass Book). (2) The importer has been permitted credit entries of the amounts equal to basic customs duties on the inputs used in the products exported by the importer as verified by an Assistant Commissioner of Customs or Deputy Commissioner of ....

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....ariff Act, 1975 (51 of 1975) read with notifications, if any, issued under section 25 of the said Customs Act on the inputs as if the inputs were imported on the date on which the order permitting the clearance and loading the Export product was made by the proper officer of the Customs under section 51 of the said Customs Act; (b) where duties of customs are chargeable on any input by reference to its value, such value shall be determined by proceeding sequentially through the following methods, namely:- (I) the value shall be deemed to be the price at which the same or similar inputs, known to be usable in the export product were imported at the place of exportation of such export product within 90 days prior to such export, or (II)....