Amendments in the notification Number 40/2006-Customs, dated the 1st May 2006 - Exempts materials imported into India against a Duty Free Import Authorisation

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....rs conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government  being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the  Government of India in the Ministry of Finance (Department of Revenue) Number 40/2006-Customs, dated the 1st May 2006  [Vide G.S.R  260 (E), dated the 1st  May, 2006], namely :- In the said notification,- (1) for condition number (iii) the following conditions shall be substituted, namely:- "(iii) that in respect of imports made before the discharge of export obligation in full, the importer at the time of clearance of the imported materials executes a bond w....

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....onal Authority, or (b) the imported materials are transferred with the permission of Regional  Authority, then the importer shall pay an amount equal to the additional duty of customs leviable on the materials so imported or transferred, but for the exemption contained herein, together with interest at the rate of fifteen percent per annum from the date of clearance of the said materials: Provided further that if the importer pays additional duty of customs leviable on the imported materials but for the exemption contained herein, then the imported materials may be cleared without furnishing a bond specified in this condition and the additional duty of customs so paid shall be eligible for availing CENVAT Credit under the CENVAT ....