Home India Ministry of Finance In exercise of the powers conferred by subsection 1 of secti...
Date: 2017-07-05 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by subsection 1 of section 25 of the Customs Act, 1962

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

Executive Summary: This notification from the Ministry of Finance amends the notification No. 12/2012-Customs, dated March 17, 2012, concerning the Customs Act of 1962. The amendment substitutes "27th February, 2009" with "19th July, 2012" in specified entries within the original notification's table. It is issued under Section 25(1) of the Customs Act, 1962. Key Points / Main Content: * **Amendment Details:** * The notification provides further amendments to the original notification No. 12/2012-Customs. * In the table of the original notification: * Against serial number 146C (i), in column 3, the date "27th February, 2009" is replaced with "19th July, 2012." * Against serial number 146C (ii), in column 3, the date "27th February, 2009" is replaced with "19th July, 2012." * **Authority and Context:** * The notification is issued by the Central Government under the powers conferred by subsection 1 of section 25 of the Customs Act, 1962. * The government deems the amendments necessary in the public interest. * The principal notification was last amended on May 16, 2017. Impact Analysis: Central Government: * Impact: Responsible for enacting and implementing the amendments to the Customs regulations. * Action Required: Ensure the updated information is accurately reflected in all relevant documentation and systems. Customs Officials: * Impact: Must enforce the updated regulations concerning the specified date changes. * Action Required: Update their knowledge of the regulations and apply the changes when processing relevant customs entries. Importers/Exporters: * Impact: Need to be aware of the date changes, as these may affect their customs-related activities. * Action Required: Review current and future transactions to ensure compliance with the amended notification.

Key Entities Referenced

Ministry of Finance: The Indian government ministry responsible for financial matters. Department of Revenue: A department within the Ministry of Finance. Central Board of Excise and Customs: Government agency responsible for the formulation of policy concerning levy and collection of customs & central excise duties and service tax. New Delhi: The capital city of India and the location of the notification. Customs Act, 1962: An Indian act of parliament to consolidate and amend the law relating to customs. Central Government: The executive authority of the Union of India. Gazette of India: An official journal of the Government of India, publishing official rules and notifications. Notification No. 12/2012-Customs: A notification issued by the Department of Revenue regarding customs.
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