Seeks to further amend Notification No. 72/1994-Customs, dated the 01.03.1994.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....erred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and in supersession of the notification of the Government of India in the Ministry of Finance ( Department of Revenue) No. 72/94-Customs, dated the 1st March, 1994 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 184 (E) dated the 1st March, 1994, except as respects....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....reement; (iii) the importer is registered with the Director General of Civil Aviation ; (iv) the Standard Exchange Cost charged by the exporter or importer is final; (v) no drawback of duty has been claimed or shall be claimed in respect of parts of aircraft exported or imported for repair or overhaul under the said Standard Exchange Agreement; and (vi) the importer, at the time of cle....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....supply a repaired or overhauled part in exchange of such part ; (2) "Standard Exchange Agreement" means an agreement made under Standard Exchange Scheme; (3) "Standard Exchange Cost" means the cost of repair or overhaul charged by the exporter or importer of the aircraft part under Standard Exchange Scheme, which also includes charges for materials, if any, used for such repair or overhaul. ....