CUSTOMS NOTIFICATION No. 59/2001 Dated 30/05/2001

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- Customsdated the 29th April, 1999, namely:-

In the said notification, -

1. in to condition (vi) the following proviso shall be added, namely, -
   
   “ 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;”
   
   
2. in the Explanation, after clause (iii) the following clause shall be inserted, namely, -
   
   “ (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”.

Sd/-
N.K. Sinha
Under Secretary to the Government of India

Note:Notification No.48/99-Cus dt.29th April,1999 was last amended by Notification No.30/2001-Cus dt 12th March, 2001.

Presented by eximkey.com