TaxTMI 
TaxTMI 
Foreign Privileged Persons' (Regulation of Customs Privileges) Rules, 1957 - Amendment
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.... read with sub-section (3) of section 160 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following rules to further amend the Foreign Privileged Persons' (Regulation of Customs Privileges) Rules, 1957, namely :- 1. (1) These rules may be called the Foreign Privileged Persons' (Regulation of Customs Privileges) Amendment Rules, 1999. (2) They shall....
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....e where the engine capacity thereof does not exceed 1500 CC, to any non-privileged person, with the permission of Central Board of Excise and Customs through the Ministry of External Affairs, on payment of appropriate custom duty, on expiry of three years from the date on which such motor vehicle was imported"; (c) In sub-rule (3), for clause (ii), the following clause shall be sustituted, namely....
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....ileged person; or (b) re-exported, or (c) surrendered to the nearest Custom House, for scrapping or authorising a suitable Indian agency for scrapping and the sale proceeds, of scrap so obtained, if any, shall be reimbursed to the privileged person after deducting the duty leviable for such vehicle;" (ii) in rule 5, - (a) in sub-rule (1), for the portion beginning with the words "the duty to ....
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....such motor vehicle, except in case of accidented or totally damaged vehicle, shall be assessed on the depreciated value arrived after providing for depreciation at the scales specified by the Central Board of Excise and Customs in case of import of second hand motor vehicles. The rate of duty on such vehicle and the exchange rate for conversion of foreign Currency into Indian Currency shall be tak....