Customs Exemption - Goods for Mega Power Project - Certificate
GOODS required for setting up of any Mega Power Project and goods required for the expansion of any existing Mega Power project, so certified by an officer not below the rank of Joint Secretary to the Government of India in the Ministry of Power, are exempted from Customs Duty vide Sl. Nos 400 and 400A of the table of Notification No. 21/2002 – Cus dated 01.03.2002. There are certain conditions as prescribed by Condition No. 86.
Now the Government has added another clause viz., clause (aa) to Condition No. 86 which is as follows:
In case of imports for a project for which the certificate regarding Mega Power Project status issued by an officer not below the rank of Joint Secretary to the Government of India in the Ministry of Power is provisional, the importer furnishes a security in the form of a Fixed Deposit Receipt from any Scheduled Bank for a term of thirty six months or more in the name of the President of India for an amount equal to the duty of customs payable on such imports but for this exemption, to the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, at the time of importation and if the importer fails to furnish the final Mega Power status certificate within a period of thirty six months from the date of importation, the said security shall be appropriated towards duty of customs payable on such imports but for this exemption.
Notification No. , Dated : July 21 2011