CUSTOMS
NOTIFICATION No. 59/2001 Dated
30th May, 2001
Amendment to Notification No-48/99 in relation to provisions of Annual Advance
Licence
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 makes the following further amendments in the
notification of the Government of India in
the Ministry
of Finance (Department of
Revenue), No. 48/99- Customs dated the 29th
April, 1999, namely:-
In
the said notification, -
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(i) |
in
to condition (vi) the following proviso shall be added, namely, - |
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“
Provided that an Annual
Intermediate Licence holder may discharge export obligation by supplying
the resultant products to ultimate exporter holding Annual Advance Licence
in terms of paragraph 7.3 (b) of the Export and Import Policy 1997-2002,
notified by the Government of India in the Ministry of Commerce, vide
notification No. 1(RE-00)/1997-2002 dated the 31st March,
2001;” |
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(ii)
in the Explanation, after clause (iii) the following clause shall
be inserted, namely, - |
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“
(iv) Annual Advance Licence includes Annual Advance Licence for
Intermediate Supply issued in terms of paragraph 7.3 (b) of the Export and
Import Policy 1997-2002, notified by the Government of India in the
Ministry of Commerce, vide notification No. 1(RE-00) 1997-2002 dated the
31st March, 2001”. |
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Sd/- |
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N.K. Sinha |
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Under Secretary to the Government of India |
Note:Notification
No.48/99-Cus dt 29th April, 1999 was last amended by Notification
No.30/2000-Cus dt 12th March, 2001.