Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable and Other Goods) Rules, 2016 - Also Effective from Today

By Vijay Kumar

IN the TRU letter after this year's budget, it was also stated,

The existing Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable and Other Goods) Rules, 2001 are being substituted with the Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable and Other Goods) Rules, 2016, so as to simplify the rules, including allowing duty exemptions to importer/manufacturer based on self-declaration instead of obtaining permissions from the Central Excise authorities.

These Rules were also to come to effect from 1.4.2016. Now they have made the Rules effective from today. The Rules have been similarly 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 4(5).

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. 22/2016 - Central Excise (N.T.)., Dated: March 15 2016