S.R.O. 487(I)/2003, dated 7th June, 2003

SROS: S.R.O. 487(I)/2003, dated 7th June, 2003 S.R.O. 487(I)/2003, dated 7th June, 2003:- In exercise of power conferred by section 219 of the Customs Act, 1969(IV of 1969), the.Central Board of Revenue is pleased to make the following rules, namely:-- THE TAKEOVER OF IMPORTED GOODS RULES, 2003 1. Short title, commencement and application.-(1) These rules may be called the Takeover of Imported Goods Rules, 2003. (2) These rules shall come into force at once. (3) These rules shall apply to the goods to be taken over by Customs in terms of section 28-A of Customs Act, 1969(TV of 1969) if the customs value of such goods as declared in the bill of entry or goods declaration is understated as specified in the Table below: - TABLE S.No. Description of Goods Range of understated Value 1 2 3 1. Cosmetic and toiletries [20%] 2. Floor Covering and Sheets 3. Self-adhesive tape [20%] 4. Coated abrasive and bonded [20%] abrasive 5. Motorcycles [20%] 6- Auto-parts [20%] 7. Toilet Soap 2[20%] 8. Tyres fcO%] 9. Polyester yarn 2Q% 10. Fabrics ^20%] 11- Tinplate 2Q%] 12. Airconditioners fco%] 13. Soda ash i[20%] 2. Definitions.-In these rules- (a) Act means the Customs Act, 1969(IV of 1969); and (b) section means a section of the Act. 3. Procedure to take over the imported goods.-In furtherance to the procedure provided under section 25A, the appropriate officer shall take following action in respect of the imported goods taken over under die aforesaid section, namely:-- (a) after receipt of an offer of higher value as provided in clause(i) of sub-section(1) of section 25-A, the appropriate officer may entertain offers of further higher values in respect of such goods by other persons; (b) the finally accepted value of the offerer shall be deemed to be die customs value of the imported goods and the offerer shall be liable to pay duties and taxes and all other charges and dues related to die clearance of the goods from die port or warehouse on such value; (c) after receipt of the amounts stated in sub-section(2) of section 25-A and evidence of payment of charges in terms of sub-rule(2) of rule 5, the appropriate officer shall issue a delivery order annexed to these rules which…