Notification No. 34 dated 21st July 1999
WHEREAS the Supreme Court of
India has approved a scheme for rehabilitation of Ashok Paper Mills (Bihar Unit)
situated in Darbhanga in the State of Bihar and as per the scheme Ashok Paper
Mills (Bihar Unit) is to be taken over by M/s. Nouveau Capital and Finance Ltd.;
AND WHEREAS according to the
scheme approved by the Supreme Court, the matter regarding granting of exemption
of fifty per cent of the duty of excise for a period of ten years to be
recommended by the Ministry of Industry to the Ministry of Finance;
AND WHEREAS the Ministry of
Industry (Department of Industrial Policy and Promotion) have recommended
granting of exemption from fifty per cent of the duty of excise leviable on the
paper and paperboard manufactured by Ashok Paper Mills (Bihar Unit) for a period
of ten years;
Now, therefore, in exercise
of the powers conferred by sub-section (1) of section 5A of the Central Excise
Act, 1944 (1 of 1944), the Central Government, being satisfied that it is
necessary in the public interest so to do, hereby exempts paper and paperboard,
falling under Chapter 48 of the First Schedule to the Central Excised Tariff
Act, 1986 (5 of 1986), manufactured by Ashok Paper Mills (Bihar Unit) located at
Darbhanga in the State of Bihar from so much of duty of excise leviable thereon
under section 3 of the Central Excise Act which is in excess of the amount
calculated at the rate of fifty per cent of the rate of duty leviable on the
said paper and paperboard under the said first Schedule read with any other
notification from the time being in force;
Provided that nothing
contained in any notification providing exemption from the whole or part of the
duty of excise based on the value of clearance made in a financial year shall be
applicable to the paper and paperboard manufactured by the said Ashok Paper
Mills till this notification remains in force.
2. The exemption contained
in this notification shall be in force for a period not exceeding ten years from
the date of commencement of production in the said unit.
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