(1)Where in respect of any Article a preferential rate of revenue 'duty is specified in the First Schedule, or is admissible by virtue of a notification under section 25 of the Customs Act, 1962, (52 of 1962) the duty to be levied and collected shall be at the standard rate, unless the owner of the article claims at the time of importation that it is chargeable with a preferential rate of duty, being [the produce or manufacture of such preferential area] [Substituted by Act 26 of 1978, Section 2,for certain words (w.e.f. 1-9-1978).] as is notified under subsection' (3) and the article is determined, in accordance with the rules made under sub-section (2), to be such produce or manufacture.
