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Parts of aircraft under standard exchange scheme
Notification
No. 72 dated 1st March 1994
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 exempts parts of aircrafts
falling within the First Schedule to the Customs Tariff Act, 1975 (51 if 1975),
when imported into India under the Standard Exchange Scheme, from so much of
duty of Customs leviable thereon, as is in excess of the duty of customs which
would be leviable if the value of the said parts were made up of the Standard
Exchange Cost, insurance and freight charges both ways, subject to the following
conditions, namely: -
(i)
such parts have been repaired or overhauled and are not new parts;
(ii)
the importer and the exporter have entered into a Standard Exchange
Agreement and such agreement is registered with the Director General of Civil
Aviation in the Ministry of Civil Aviation;
(iii)
the exporter is
also registered with the said Director General of Civil Aviation;
(iv)
the Standard
Exchange Cost charged by the exporter is final;
(v)
no drawback
of duty has been claimed or will be claimed in respect of parts of aircraft
exported for repair or overhaul under the said Standard Exchange Agreement; and
(vi)
the importer, at
the time of clearance produces, -
(a)
a certificate from the exporter to the effect that the imported parts have been
supplied from a pool of repaired or overhauled parts maintained under the
Standard Exchange Scheme and such parts are not new parts;
(b)
a certificate from the exporter that the Standard Exchange Cost charged for
repair or overhaul is final.
Explanation:
For the purposes of this notification, -
(1)
�Standard Exchange Scheme� means a scheme under which the exporter of
aircraft parts undertakes repair or overhaul of aircraft parts and agrees to
supply a similar repaired or overhauled part in exchange for a part sent for
repair or overhaul;
(2)
�Standard Exchange Agreement� means an agreement made under Standard
Exchange Scheme.
(3)
�Standard Exchange Cost� means the cost of repair or overhaul charged by
the exporter of the aircraft part under Standard Exchange Scheme, which also
includes charges for materials, if any, used for such repair or overhaul.
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