(SECTION 143A OMITTED VIDE THE FINANCE BILL, 2013)

[OMITTED - SECTION 143A.

(1) When any material is imported under an import licence belonging to the category of Advance Licence granted under the Imports and Exports (Control) Act, 1947 (18 of 1947), subject to an obligation to export the goods as are specified in the said Licence within the period specified therein, the Assistant Commissioner of Customs or Deputy Commissioner of Customs may, notwithstanding anything contained in this Act, permit clearance of such material without payment of duty leviable thereon.

(2) The permission for clearance without payment of duty sub-section (1) shall be subject to the following conditions, that is to say -

(a) the duty payable on the material imported shall be adjusted again drawback of duty payable under this Act or under any other law the time being in force on the export of goods specified in the Advance Licence; and

(b) where the duty is not so adjusted either for the reason that the goods are not exported within the period specified in the said Advance Licence or within such extended period not exceeding six months as the Assistant Commissioner of Customs or Deputy Commissioner of Customs may, on sufficient cause being shown, allow, or for any sufficient reason, the importer shall, notwithstanding anything contained in section 28, be liable to pay the amount of duty not so adjusted together with simple interest thereon at the rate of twelve percent annum from the date the said permission for clearance is given to date of payment.

(3) While permitting clearance under sub-section (1), the Ass" Commissioner of Customs or Deputy Commissioner of Customs may require importer to execute a bond with such surety or security as he thinks fit for complying with the conditions specified in sub-section (2). ]