Description of goods

Limitations and conditions

Extent of exemption

(1)

(2)

(3)

Machinery, equipment   or tools,    falling under

Chapters    84,

85,  90  or  any other  Chapter of    the    First Schedule      to the     Customs Tariff Act,

1975   (51   of

1975).

(1)  the  goods  have  been  taken  on lease  by  the  importer  for  use  after import;

(2) the importer makes a  declaration at  the  time  of  import  that  the  goods are  being  imported  temporarily  for execution of a contract;

(3)  the  said  goods  are  re-exported within  three  months  of  the  date  of such  import  or  within  such  extended period not exceeding 18 months from the   date   of   said   import,   as   the Assistant  Commissioner  of  Customs or         the   Deputy   Commissioner   of Customs,  as  the  case  may  be,  may allow;

(4)         where          the         Assistant Commissioner   of   Customs   or   the Deputy Commissioner of Customs, as the  case  may  be,  grants  extension  of the aforesaid period for re-export, the importer   shall   pay   the   difference between  the  duty  payable  under  the relevant clause in column (3) and the duty already paid at the time of their import; and

(5)   the   importer   executes   a  bond, with a bank guarantee, undertaking–

(a) to re-export the said goods within three months of the date of import or

in the case of,-

(i)   goods   which   are   re-exported within three months of the date of import,  so  much  of  the  duty  of customs   as   is   in   excess   of   the amount  calculated  at  the  rate  of five per cent.;

(ii)  goods  which  are  re-exported after  three  months,  but  within  six months, of the date of   import, so much of the duty of customs as is in excess of the amount  calculated at  the  rate  of fifteen per cent.;

(iii)  goods  which  are  re-exported after  six  months,  but  within  nine months, of the date of   import, so much of the duty of customs as is in excess of the amount  calculated at       the    rate    of  twenty  five  per cent.;

(iv)  goods  which  are  re-exported after    nine     months,     but    within twelve   months,   of   the   date   of import,  so  much  of  the  duty  of customs   as   is   in   excess   of   the amount  calculated  at  the  rate  of thirty per cent.;

(v)  goods  which  are  re-exported after   twelve   months,   but   within fifteen   months,   of   the   date   of import,  so  much  of  the  duty  of