Special industrial adhesives, gums and solutions and synthetic diamond powder - Exemption - 79/96 - Customs -Tariff

Special industrial adhesives, gums and solutions and synthetic diamond powder - Exemption Notification No. 79/96-Cus. Dated 8-10-1996 In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) read with sub-clause (4) of clause 66 of Finance (No. 2) Bill, 1996, which clause has, by virtue of declaration made in the said Finance Bill under the Provisional Collection of Taxes Act, 1931 (16 of 1931), the force of law, the Central Government being satisfied that it is necessary in the public interest so to do, hereby exempts special industrial adhesives, gums and solutions and synthetic diamond powder upto 1% of the Free On Board (FOB) value of the export of cut and polished diamonds, when imported into India by the exporters of Cut and Polished diamonds operating under "Diamond Credit Book Scheme" notified by Government of India, Ministry of Commerce, vide Notification No. 12 (RE-95)/92-97, dated the 1st December, 1995, from - (i) the whole of the duty of customs leviable thereon, which is specified in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975); (ii) the whole of the special duty of customs leviable thereon under clause 66 of the Finance (No. 2) Bill, 1996; and (iii) the whole of the additional duty leviable thereon under section 3 of the said Customs Tariff Act.