S.R.O. 476(I)/2005, dated 19th May, 2005

SROS: S.R.O. 476(I)/2005, dated 19th May, 2005 S.R.O. 476(I)/2005, dated 19th May, 2005:- In exercise of the powers conferred by section 19 of the Customs Act, 1969(IV of 1969), read with sub-section(2) of section 2 of the Finance Ordinance, 1982(XII of 1982), and sub-section(2) of section 5 of the Finance Act, 1985(I of 1985), the Federal Government is pleased to exempt ring spinning frames, falling under PCT heading 8445.2000, imported by those units which submitted sureties or bank guarantees for the amount of import and iqra surcharge thereon on account of dispute of their locally manufactured goods or otherwise at the time of clearance and had availed the benefits of erstwhile S.R.O. 1076(I)/95, dated the 5th November, 1995, and subsequently had gone into litigation in different High Courts prior to 28th December, 2004, from payment of so much of import surcharge and iqra surcharge as is in excess of thirty per cent of the applicable rate at the time of filing of home…