CUS NTF NO. 14/2003 DATE 21/01/2003

Sick Units Export Obligation Fulfilment in 12 Yrs by Taking Over Unit for Revival

G.S.R. (E): In exercise of the powers conferred by sub-section (1) of Section 25 of the Customs Act, 1962 (52 fo 1962), the Central Government, being satisfied that it is necessary in the public interst so to do, hereby makes the following further amendments in the notification of the Government of India in the erstwhile Ministry of Finance (Department of Revenue), No. 28/97-Customs, dated the 1st April, 1997, namely:-

In the said notification,-

(i) in condition (2) for the proviso, the following provisos shall be substituted, namely,

"Provided that where a sick unit notified by the Board for Industrial and Financial Reconstruction is subsequently taken over by another unit for revival, the export obligation may be fulfilled within a period of 12 years from the date of issue of said license;

Provided further that export obligation of a particular year may be set off by the excess exports made in the preceding years";

(ii) in condition (6), the following proviso shall be inserted, namely;-"

Provided that in respect of license having overall export obligation period of 12 years, further extension of overall export obligation period shall not be allowed."

Sd/-
(Alok Jha)
Under Secretary to the Governemnt of India

F. No. 609/201/2001-DBK

Note: The principal notification No. 28/97-Customs dated the 1st April, 1997 was published in the Gazette of India, (Extraordinary) vide GSR No. 184(E), dated the 1st April, 1997 and lastly amended by Notification No. 113/2002-Customs, vide GSR No. 704(E), dated the 16th October, 2002.

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