Date: 2015-10-19Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers 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
Executive Summary:
This notification, No. 50/2015-Customs, dated October 16, 2015, introduces amendments to Notification No. 27/2011-Customs, providing for specific customs exemptions. It concerns goods of National Mineral Development Corporation (NMDC) origin exported by MMTC Limited to Japan and South Korea under the Long Term Agreement (LTA). The provisions of this entry shall not have effect on or after April 1, 2018.
Key Points / Main Content:
* **Amendment Authority:**
* The Central Government issued the notification under subsection 1 of section 25 of the Customs Act, 1962.
* **Exemption Details:**
* A new entry is inserted into the table of Notification No. 27/2011-Customs, after S.No. 20A.
* S.No. 20B covers "All goods" of NMDC origin (under tariff items 2601 11 and 2601 12) when exported by MMTC Limited under the LTA to Japan and South Korea.
* The exemption is conditional upon the exporter producing a certificate from a Director of MMTC Limited confirming the NMDC origin and intended export under the LTA.
* The certificate must be presented to the Assistant Commissioner or Deputy Commissioner of Customs.
* **Sunset Clause:**
* The entry will not be effective on or after April 1, 2018.
Impact Analysis:
* **MMTC Limited:**
* *Impact:* MMTC benefits from the customs exemption for NMDC origin goods exported to Japan and South Korea under the LTA.
* *Action Required:* MMTC must obtain and present a certificate from a Director of MMTC Limited to the Customs authorities, confirming the origin and export purpose of the goods.
* **National Mineral Development Corporation (NMDC):**
* *Impact:* Benefits from potentially increased exports via MMTC due to the customs exemption.
* *Action Required:* No direct action required.
* **Customs Authorities (Assistant Commissioner/Deputy Commissioner):**
* *Impact:* Responsible for verifying the certificate provided by MMTC Limited before clearing the goods.
* *Action Required:* Verify the certificate of origin and intended export under the LTA before granting the exemption.
* **Importers in Japan and South Korea:**
* *Impact:* Benefit from potentially lower import costs due to the customs exemption in India.
* *Action Required:* No direct action required, but should verify that exports from MMTC meet the conditions to qualify for the exemption.
Key Entities Referenced
Customs Act, 1962: A legal act that defines the powers and functions related to customs duties and regulations in India. This notification makes amendments to notifications issued under Section 25 of this act.
Ministry of Finance, Department of Revenue: The department within the Indian government responsible for revenue collection and financial regulations, including customs. This notification is issued by this department.
New Delhi: The location where the notification was issued; the capital of India.
National Mineral Development Corporation (NMDC): A public sector undertaking involved in the exploration and production of minerals. The notification pertains to goods of NMDC origin.
MMTC Limited: A trading company involved in international trade. The notification specifies that goods exported by MMTC Limited under a Long Term Agreement (LTA) are subject to certain conditions.
Japan: One of the countries to which goods are exported under the Long Term Agreement (LTA).
South Korea: One of the countries to which goods are exported under the Long Term Agreement (LTA).
Anurag Sehgal: Under Secretary, the signing authority for the notification.
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[फा. स.ं 354/231/2014-टीआरय)ू ]
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4456 GI/2015 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
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MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION
New Delhi, the 16th October, 2015
No. 50/2015-Customs
G.S.R. 788(E).—In exercise of the powers 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) No. 27/2011-Customs, dated
the 1st March, 2011, published in the Gazette of India, Extraordinary, vide number G.S.R. 153(E), dated
the 1st March, 2011, namely :-
In the said notification, in the Table, after S.No.20A and the entries relating thereto, the following S.No.
and the entries shall be inserted, namely:-
“20B 2601 11, All goods, of National Mineral Development Corporation (NMDC) 10%”.
2601 12 origin when exported by MMTC Limited, under the Long Term
Agreement (hereinafter referred to as LTA), to Japan and South Korea
subject to the condition that the exporter shall produce, prior to clearance
of the said goods, before the Assistant Commissioner of Customs or
Deputy Commissioner of Customs having jurisdiction, as the case may
be, a certificate from the Director concerned of MMTC Limited to the
effect that the said goods are of NMDC origin and are meant for export
under the LTA to Japan and South Korea.
Provided that nothing contained in this entry shall have effect on
or after the first day of April, 2018.
[F. No. 354/231/214 -TRU]
ANURAG SEHGAL, Under Secy.
Note.- The principal notification No.27/2011-Customs, dated the 1st March, 2011 was published in the
Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 153(E),
dated the 1st March, 2011 and last amended vide notification No.30/2015-Customs, dated the
30th April, 2015 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section
(i) vide number G.S.R. 340(E), dated the 30th April, 2015.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.