(1)When any material is imported under an import licence belonging to the category of Advance Licence granted under the [Imports and Exports (Control) Act, 1947] [(18 of 1947), subject to an obligation to export the goods as are specified in the said Licence within the period specified therein, the [Assistant Commissioner of Customs or Deputy Commissioner of Customs] [Inserted by Act 25 of 1978, Section 17 (w.e.f. 1.7.1978). ][may, notwithstanding anything contained in this Act, permit clearance of such material without payment of duty leviable thereon.
