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Goods
not produced or manufactured in India and on which duty of customs
leviable has been paid at the time of their importation into India and
which are exported out of India for the execution of a contract approved
by the Reserve Bank of India in connection with any commercial and
industrial (including constructional) activities.
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Provided
that the proper Officer of Customs is satisfied -
(1)
as to the identity of the goods;
(2)
that no drawback of duty was claimed or paid on their export out of
India prior to their present importation;
(3)
that the project has a specific approval of the Reserve Bank of India;
(4)
that the ownership of the goods has not changed between the time of
export and re-import.
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(i)
In the case of good on which any alterations, renovations, additions or
repairs have been executed subsequent to their export, so much of duty
of customs as is in excess of the duty of customs which would be
leviable if the value of the goods were equal to the cost of such
alterations, renovations, additional or repairs while the goods were
abroad;
(ii)
in other cases, the whole of the duty of customs leviable thereon under
the first Schedule of the Customs Tariff Act, 1975 (51 to 1975), and the
whole of the additional duty leviable thereon under Section 3 of the
said Customs Tariff Act, 1975.
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