S.R.O. 506(I)/2007, Islamabad, the 9th June, 2007

SROS: S.R.O. 506(I)/2007, Islamabad, the 9th June, 2007 GOVERNMENT OF PAKISTAN (REVENUE DIVISION) CENTRAL BOARD OF REVENUE NOTIFICATION (CUSTOMS) S.R.O. 506(I)/2007, Islamabad, the 9th June, 2007:- In exercise of the powers conferred by section 219 of the Customs Act, 1969(IV of 1969), the Central Board of Revenue is pleased to direct that the following further amendments shall be made in the Customs Rules, 2001, namely: In the aforesaid Rules, (a) In rule 296, (i) after clause(f), the following new clause shall be inserted, namely: (ff) engineering goods includes goods classified under Chapter 72 to Chapter 96 of the First Schedule of Customs Act, 1969 or as approved by the Engineering Development Board(EDB);; (ii) for clause(n), the following shall be substituted, namely: (n) utilization period means the period commencing from the date of approval of DTRE application till the date of export of output goods under this sub-Chapter.; (b) in rule 297, in sub-rule(2), in clause(a), the words, brackets, letters and comma polyester staple fiber(PSF), shall be omitted; (c) in rule 299, after sub-rule(2), the following new sub-rules shall be added, namely:(3) The Regulatory Collector may, upon receipt of an application under this sub-Chapter, refer such application to Input Output Coefficient Organization(IOCO) for determination of input-output ratios and wastages, except an application in respect of engineering goods, which shall be referred to EDB, before granting DTRE approval. (4) IOCO or, as the case may be, EDB upon receipt of a reference from the Regulatory Collector, shall determine input-output ratios and wastages, as deemed appropriate, and forward their findings to the Regulatory Collector within a period of thirty days or such shorter period as may be specified by the Regulatory Collector in any specific case. If IOCO or, as the case may be, EDB fail to forward their findings to the Regulatory Collector within the prescribed period, the input-output ratios and wastages, as determined by the Regulatory Collector, shall become final: Provided that the Regulatory Collector may grant provisional DTRE approval pending receipt of response from IOCO or EDB, as…