Exemption to Capital Goods supplied to a Manufacturer Exporter

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....944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts capital goods, when supplied to a manufacturer exporter (hereinafter in this notification referred to as the "ultimate exporter") holding an import licence issued under and in accordance with paragraph 197 of the Import and Export Policy for importing the said capital goods, from the ....

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....but for the exemption contained herein, before the licensing authority undertaking to comply with all the conditions and obligations specified in the provisions of the-said paragraph 197; (ii) the manufacturer of the said capital goods follows the procedure specified in rules 156A and 156B of the Central Excise Rules, 1944 as modified by rule 173N of the said Rules. Explanation : In this notific....