What is a Smart Card?
CHAPTER Note 4(b) to Chapter 85 of the Schedule to the Central Excise Tariff Act stipulates, “For the purposes of heading 8523, the term “smart cards” means cards which have embedded in them one or more electronic integrated circuits (a microprocessor, random access memory (RAM) or read-only memory (ROM)) in the form of chips. These cards may contain contacts, a magnetic stripe or an embedded antenna but do not contain any other active or passive circuit elements.”