The Ministry of Finance (MoF) on August 25, 2023, issued the amendment to Notification No. 55/2022-Customs, dated October 31, 2022, which states “Exemption of certain goods under the Second Schedule of the Customs Tariff Act, 1975 when exported out of India, from so much of the duty of customs leviable thereon.”
The following has been stated namely: -
• In the Table, after S. No. 2 and the entries relating thereto, the following S. Nos. and entries shall be inserted, namely: -
1. 2A: 1006 30 10 – Rice, parboiled – Nil - 5
2. 2B: 1006 30 10 – Rice, parboiled – Nil – 6
• In the Annexure, after Condition number 4 and the entries relating thereto, the following Condition numbers and entries shall be inserted, namely: -
“5. Rate of duty shall come into force on the 16th day of October, 2023
6.(i) Goods meant for export shall have entered the customs station for the purpose of exportation before the 25th day of August, 2023, and an order permitting clearance has not been issued by the proper officer; and
(ii) Goods meant for export shall be backed by irrevocable Letter(s) of Credit, wherein the said letter(s) of credit has been opened before the 25th day of August, 2023, and the message exchange date between the Indian and Foreign bank/swift date should be before the 25th day of August, 2023, and such Letter(s) of Credit should have been authenticated by the Recipient Bank. ".
[Notification No. 50/2023-Customs]
