Customs (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 2016 - Effective from Today
IN the TRU letter after this year's budget, it was stated,
The existing Customs (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 1996 are being substituted with the Customs (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 2016 with a view to simplify the rules, including allowing duty exemptions to importer/manufacturer based on self-declaration instead of obtaining permissions from the Central Excise authorities. Need for additional registration is also being done away with. The new Rules will be effective from 01.04.2016.
Now they have made the Rules effective from today. The Rules have been further amended to:
1. Specify that the bond to be executed by the manufacturer shall be supported by a surety. The words, "or security" are omitted from Rule 5(2).
2. Add a new rule that reference to the old rules in any rule, notification, circular, instruction, standing order, trade notice or other order, shall be construed as a reference to the new rules.
Notification No. ., Dated: March 15 2016