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Amendments in Customs Notification No. 28 dated 1st April 1997
Customs
Notification No. 14 dated 21st January 2003
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 erstwhile
Ministry of Finance (Department of Revenue), No. 28/ 97-Customs, dated the 1st
April 1997, namely:
In
the said notification
(i)
in condition (2) for the proviso, the following provisos shall be
substituted, namely,
�Provided
that where a sick unit notified by the Board for Industrial and Financial
Reconstruction is subsequently taken over by another unit for revival, the
export obligation may fulfilled within a period of 12 years from the date of
issue of said license;
Provided
further that export obligation of a particular year may be set off by the excess
exports made in the preceding years�;
(ii)
in condition (6), the following proviso shall be inserted, namely,
�Provided
that in respect of licence having overall export obligation period of 12 years,
further extension of overall export obligation period shall not be allowed.�
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