Modvat credit of duty paid on yarn and fibres on a deemed basis — Amendment to Notification No. 29/96-C.E. (N.T.) - 005/1999 - Central Excise - Non Tariff

Modvat credit of duty paid on yarn and fibres on a deemed basis — Amendment to Notification No. 29/96-C.E. (N.T.) Notification No. 5/99-C.E. (N.T.) Dated 13-1-1999 In exercise of the powers conferred by sub-rule (2) of rule 57A of the Central Excise Rules, 1944, the Central Government, being satisfied that it is necessary in the public interest so to do hereby makes the following further amendment in notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 29/96-Central Excise (N.T.) dated the 3rd September, 1996, namely :- In the said notification, (a) in paragraph 7B, for the words and figures "spinning of yarn or weaving of fabrics, in respect of final products falling under heading Nos. 52.07, 52.08, 52.09, 54.06, 54.07, 55.11, 55.12, 55.13, or 55.14 of the Schedule", the figures and words "spinning of yarn or weaving or knitting, of fabrics, in respect of final products falling under heading Nos. 52.07, 52.08, 52.09, 54.06, 54.07, 55.11, 55.12, 55.13, 55.14, or processed textile fabrics of cotton or man-made fibres, falling under heading Nos. 58.01, 58.02, 58.06 (except sub-heading No. 5806.20), 60.01 or 60.02 (except sub-heading No. 6002.10), of the Schedule" shall be substituted; (b) for paragraph 7C, the following paragraph shall be substituted, namely :- "7C Notwithstanding anything contained in paragraph 7B, the provisions of this notification shall apply in respect of, - (a) final products falling under heading Nos. 52.07, 52.08, 52.09, 54.06, 54.07, 55.11, 55.12, 55.13 or 55.14 of the Schedule to Central Excise Tariff Act, 1985 (5 of 1986) manufactured or produced by an independent processor prior to the 16th day of December, 1998 and cleared on or after that date; (b) processed textile fabrics of cotton or man-made fibres, falling under heading Nos. 58.01, 58.02, 58.06 (except sub-heading No. 5806.20), 60.01 or 60.02 (except sub-heading No. 6002.10), of the Schedule to Central Excise Tariff Act, 1985 (5 of 1986) manufactured or produced by an independent processor prior to the 13th day of January, 1999 and cleared on or after that date".