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2. This appellant claimed in respect of the material that it imported under these licences, benefit of notification 204/92. In essence this notification requires that the goods be imported against the quantity based duty exemption entitlement certificate issued by the licensing authority. The importer is required to furnish a bond or legal undertaking before the licensing authority for compliance of the condition in the notification, that exempted material shall not be disposed of or utilised in any manner, except for utilisation and discharge of export obligation, before the obligation under the licence is discharged in full and export is full. Notification, defines, in the explanation 'material' to mean "(a) raw materials, components, intermediates, consumable and parts required for manufacture of export product;