GOVERNMENT OF PAKISTAN

MINISTRY OF FINANCE, ECONOMIC AFFAIRS, STATISTICS & REVENUE

( REVENUE DIVISION )

NOTIFICATION

Islamabad, the 12th August, 2000

CUSTOMS

S.R.O.582(I)/2000.- In exercise of the powers conferred by section 19 of the Customs Act, 1969 (IV of 1969), the Federal Government is pleased to direct that the machinery and equipment namely navigational equipment, fish finders, storage and handling equipment, not manufactured locally, shall be exempt from whole of customs-duty leviable under the First Schedule to the said Act, if imported by fish farming or catching stage operators, who will enjoy the status of indirect exporters, subject to the following conditions, namely:-

(1) the importer shall, at the time of import of machinery and equipment, make a written declaration on the bill of entry that the machinery and equipment has been imported in accordance with this notification;

(2) the importer shall furnish an indemnity bond in the form set out below to the extent of customs-duty exempted under this notification. The said bond shall not be discharged till production of an installation certificate, within one year from the date of importation of machinery and equipment, from the Assistant Collector or Deputy Collector, Customs and Central Excise, in whose jurisdiction the project is located and such certificate shall clearly state that the machinery and equipment imported in accordance with this notification have been duly installed;

(3) in the event of non-production of such certificate by the importer, the Collector of Customs shall enforce the indemnity bond and proceed to recover Government dues under section 202 of the Customs Act, 1969 (IV of 1969), and the rules made thereunder; and

(4) in case contravention of any provision of this notification by the importer, the Collector of Customs shall proceed to recover Government dues besides taking punitive action under the law.

FORM

[ See condition (2) ]

( On appropriately stamped non-judicial paper )

INDEMNITY BOND

THIS DEED OF INDEMNITY is made on the _________ day of ___________________BETWEEN (hereinafter called "the importer" which expression shall include their successors, administrators, executors and assignees) of the one part, AND the President of Pakistan through the Collector of Customs, _____________ (hereinafter called "the Collector of Customs") of the other part;

WHEREAS the Federal Governemnt has, vide its Notification No. S.R.O.___________, dated the ______________, and subject tot he conditions given in the said Notification been pleased to direct that the machinery and equipment, imported for the purposes shall be exempted from so much of the customs duties as specified in the said notification.

AND WHEREAS M/s_________________________ having registered office at _______________________ have imported the machinery and equipment, as is not manufactured locally, in accordance with the conditions given in the aforesaid Notification for installation at ______________________________

(address of industry)

NOW, THEREFORE, in consideration of the release of machinery and equipment without recovery of the leviable customs-duty, the importers bind themselves to pay on demand to the Government of Pakistan the sum of Rs. _________being the customs-duty leviable on the machinery and equipment, if the importers fail,--

(i) to produce an installation certificate from the relevant Assistant Collector of Central Excise within one year from the date of importation of machinery and equipment; and

(ii) to produce other evidence as the Collector of Customs may require to satisfy himself, that the machinery and equipment has been installed in accordance with the conditions of the said Notification.

The importers further agree and bind themselves that the amount of duty covered by this Bond may be recovered as arrears of customs-duty under section 202 of the Customs Act, 1969 (IV of 1969).

The Bond shall stand discharged when the aforesaid certificates or proof or documents have been produced and the Collector of Customs is satisfied that the importers have fulfilled all the conditions of this Bond and the aforesaid Notification.

Signed by importers on this_____________________day of _____________________________.

Managing Director

(Name and permanent address)

Witness ________________________________________________

(Signatrue, name, designation and full address)

Witness _________________________________________________

(Signature, name, designation and full address)

Note.- This bond shall be witnessed by a Government servant in BPS-17 or above or an officer of a scheduled bank.

SCHEDULE OF MACHINERY IMPORTED

[C.No.3/3-Mach/TP/2000]

Mir Fuad

Additional Secretary