Finance Act 2019

MINISTRY OF LAW AND JUSTICE
(Legislative Department)

New Delhi, the 1st August, 2019/Shravana 10, 1941 (Saka)

The following Act of Parliament received the assent of the President on the 1st August, 2019, and is hereby published for general information:—

THE FINANCE (NO. 2) ACT, 2019

NO. 23 OF 2019

[1st August, 2019.]

An Act to give effect to the financial proposals of the Central Government for the financial year 2019-2020.

BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows:—

CHAPTER I

PRELIMINARY

1. (1) This Act may be called the Finance (No. 2) Act, 2019.

(2) Save as otherwise provided in this Act,—

(a) sections 2 to 69 shall be deemed to have come into force on the 1st day of April, 2019;
(b) sections 92 to 112 and section 114 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

CHAPTER IV

INDIRECT TAXES

Customs

Amendment of section 41.

70. In section 41 of the Customs Act, 1962 (hereinafter referred to as the Customs Act), in subsection (1), for the portion beginning with the words “The person-in-charge of a conveyance”, and ending with the words “not exceeding fifty thousand rupees”, the following shall be substituted, namely:—

“The person-in-charge of a conveyance carrying export goods or imported goods or any other person as may be specified by the Central Government, by notification, shall, before departure of the conveyance from a customs station, deliver to the proper officer in the case of a vessel or aircraft, a departure manifest or an export manifest by presenting electronically, and in the case of a vehicle, an export report, in such form and manner as may be prescribed and in case, such person-in-charge or other person fails to deliver the departure manifest or export manifest or the export report or any part thereof within such time, and the proper officer is satisfied that there is no sufficient cause for such delay, such person-in-charge or other person shall be liable to pay penalty not exceeding fifty thousand rupees”

Insertion of New Chapter XIIB.

71. After Chapter XIIA of the Customs Act, the following Chapter shall be inserted, namely:––

‘CHAPTER XIIB
VERIFICATION OF IDENTITY AND COMPLIANCE

Verification of identity and compliance thereof

99B. (1) The proper officer, authorised in this behalf by the Principal Commissioner of Customs or the Commissioner of Customs, as the case may be, may, for the purposes of ascertaining compliance of the provisions of this Act or any other law for the time being in force, require a person, whose verification he considers necessary for protecting the interest of revenue or for preventing smuggling, to do all or any of the following, namely:––

(a) undergo authentication, or furnish proof of possession of Aadhaar number, in such manner and within such time as may be prescribed;

(b) submit such other document or information, in such manner and within such time as may be prescribed:

Provided that where such person has not been assigned the Aadhaar number, or where so assigned, but authentication of such person has failed due to technical reasons or for reasons beyond his control, then, he shall be provided an opportunity to furnish such other alternative and viable means of identification in such form and manner and within such time as may be prescribed.

(2) The provisions of sub-section (1) shall not apply to such person or class of persons as may be prescribed.

(3) Notwithstanding anything contained in any other provisions of this Act, where the Principal Commissioner of Customs or the Commissioner of Customs comes to the conclusion, based on reasons to be recorded in writing, that the person referred to in sub-section (1) has––

(i) failed to comply with the requirements of the said sub-section or submitted incorrect documents or information under the said sub-section, he may, by order, suspend––

(a) clearance of imported goods or export goods;
(b) sanction of refund;
(c) sanction of drawback;
(d) exemption from duty;
(e) licence or registration granted under this Act; or
(f) any benefit, monetary or otherwise, arising out of import or export, relating to such person, subject to such conditions as may be prescribed;

(ii) failed authentication as required under the said sub-section, he may, by order, direct that such person shall not have the benefit of any of the items specified in sub-clauses (a) to (f) of clause (i).

(4) The order of suspension under sub-section (3) shall remain in force until the person concerned complies with the requirements of sub-section (1) or furnishes correct document or information thereunder

Explanation.– For the purposes of this section, the expression “Aadhaar number” shall have the same meaning as assigned to it in clause (a) of section 2 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.’.

Amendment of section 103

72. In section 103 of the Customs Act, ––

(i) for sub-section (1), the following sub-section shall be substituted, namely:–

“(1) Where the proper officer has reason to believe that any person referred to in sub-section (2) of section 100 has any goods liable to confiscation secreted inside his body, he may detain such person and shall,––

(a) with the prior approval of the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as soon as practicable, screen or scan such person using such equipment as may be available at the customs station, but without prejudice to any of the rights available to such person under any other law for the time being in force, including his consent for such screening or scanning, and forward a report of such screening or scanning to the nearest magistrate if such goods appear to be secreted inside his body; or

(b) produce him without unnecessary delay before the nearest magistrate.”;

(ii) in sub-section (6), after the words “Where on receipt of a report”, the words, brackets, letter and figure “from the proper officer under clause (a) of sub-section (1) or” shall be inserted

Amendment of section 104.

73. In section 104 of the Customs Act, ––

(i) in sub-section (1), the words “in India or within the Indian customs waters” shall be omitted;

(ii) in sub-section (4),––

(A) in clause (b), for the word “rupees,”, the words “rupees; or” shall be substituted;

(B) after clause (b), the following clauses shall be inserted, namely:—

“(c) fraudulently availing of or attempting to avail drawback or any exemption from duty provided under this Act, where the amount of drawback or exemption from duty exceeds fifty lakh rupees; or

(d) fraudulently obtaining an instrument for the purposes of this Act or the Foreign Trade (Development and Regulation) Act, 1992, and such instrument is utilised under this Act, where duty relatable to such utilisation of instrument exceeds fifty lakh rupees,”;

(iii) in sub-section (6),––

(A) in clause (d), for the word “rupees,”, the words “rupees; or” shall be substituted;

(B) after clause (d), the following clause shall be inserted, namely:—

“(e) fraudulently obtaining an instrument for the purposes of this Act or the Foreign Trade (Development and Regulation) Act, 1992, and such instrument is utilised under this Act, where duty relatable to such utilisation of instrument exceeds fifty lakh rupees,”;

(iv) after sub-section (7), the following Explanation shall be inserted, namely:––

‘Explanation.––For the purposes of this section, the expression “instrument” shall have the same meaning as assigned to it in Explanation 1 to section 28AAA.’.

Amendment of section 110.

74. In section 110 of the Customs Act, ––

(i) in sub-section (1), for the proviso, the following provisos shall be substituted, namely:—

“Provided that where it is not practicable to remove, transport, store or take physical possession of the seized goods for any reason, the proper officer may give custody of the seized goods to the owner of the goods or the beneficial owner or any person holding himself out to be the importer, or any other person from whose custody such goods have been seized, on execution of an undertaking by such person that he shall not remove, part with, or otherwise deal with the goods except with the previous permission of such officer:

Provided further that where it is not practicable to seize any such goods, the proper officer may serve an order on the owner of the goods or the beneficial owner or any person holding himself out to be importer, or any other person from whose custody such goods have been found, directing that such person shall not remove, part with, or otherwise deal with such goods except with the previous permission of such officer.”;

(ii) after sub-section (4), the following sub-section shall be inserted, namely:—

“(5) Where the proper officer, during any proceedings under the Act, is of the opinion that for the purposes of protecting the interest of revenue or preventing smuggling, it is necessary so to do, he may, with the approval of the Principal Commissioner of Customs or Commissioner of Customs, by order in writing, provisionally attach any bank account for a period not exceeding six months:

Provided that the Principal Commissioner of Customs or Commissioner of Customs may, for reasons to be recorded in writing, extend such period to a further period not exceeding six months and inform such extension of time to the person whose bank account is provisionally attached, before the expiry of the period so specified.”

Amendment of section 110A.

75. In section 110A of the Customs Act,—

(i) in the marginal heading, after the words ‘‘things seized’’, the words ‘‘or bank account provisionally attached’’ shall be inserted;

(ii) after the words “documents or things seized”, the words “or bank account provisionally attached” shall be inserted;

(iii) after the words ‘‘to the owner’’, the words ‘‘or the bank account holder’’ shall be inserted

Insertion of new section 114AB. Penalty for obtaining instrument by fraud, etc

76. After section 114AA of the Customs Act, the following section shall be inserted, namely:––

‘114AB. Where any person has obtained any instrument by fraud, collusion, wilful misstatement or suppression of facts and such instrument has been utilised by such person or any other person for discharging duty, the person to whom the instrument was issued shall be liable for penalty not exceeding the face value of such instrument.

Explanation.–– For the purposes of this section, the expression “instrument” shall have the same meaning as assigned to it in the Explanation 1 to section 28AAA.’

Amendment of section 117

77. In section 117 of the Customs Act, for the words “one lakh rupees”, the words “four lakh rupees” shall be substituted.

Amendment of section 125.

78. In section 125 of the Customs Act, in sub-section (1), in the first proviso, for the words “the provisions of this section shall not apply”, the words “no such fine shall be imposed” shall be substituted.

Amendment of section 135.

79. In section 135 of the Customs Act,––

(i) in sub-section (1),—

(a) in clause (d), for the words ‘‘export of goods,’’, the words ‘‘export of goods; or’’ shall be substituted;

(b) after clause (d), the following clause shall be inserted, namely:—

“(e) obtains an instrument from any authority by fraud, collusion, wilful misstatement or suppression of facts and such instrument has been utilised by such person or any other person,”;

(c) in item (i),-

(I) in sub-item (D), for the words ‘‘of rupees,’’, the words ‘‘of rupees; or’’ shall be substituted;
(II) after sub-item (D), the following sub-item shall be inserted, namely:—
“(E) obtaining an instrument from any authority by fraud, collusion, wilful misstatement or suppression of facts and such instrument has been utilised by any person, where the duty relatable to utilisation of the instrument exceeds fifty lakh rupees,”.

(ii) after sub-section (3), the following Explanation shall be inserted, namely:––
‘Explanation.–– For the purposes of this section, the expression “instrument” shall have the same meaning as assigned to it in the Explanation 1 to section 28AAA.’.

Amendment of section 149.

80. In section 149 of the Customs Act, after the words “custom house to be amended”, the words “in such form and manner, within such time, subject to such restrictions and conditions, as may be prescribed” shall be inserted.

Amendment of section 157.

81. In section 157 of the Customs Act, in sub-section (2),––

(i) after clause (k), the following clause shall be inserted, namely:––

“(ka) the manner of authentication and the time limit for such authentication, the document or information to be furnished and the manner of submitting such document or information and the time limit for such submission, the form and the manner of furnishing alternative means of identification and the time limit for furnishing such identification, person or class of persons to be exempted and conditions subject to which suspension may be made, under Chapter XIIB;”;

(ii) after clause (m), the following clause shall be inserted, namely:–

“(n) the form and manner, the time limit and the restrictions and conditions for amendment of any document under section 149.”

Amendment of section 158.

82. In section 158 of the Customs Act, in sub-section (2), in clause (ii), for the words “fifty thousand rupees”, the words “two lakh rupees” shall be substituted.

Amendment of notifications issued under sub-section (1) of section 25 of Customs Act, retrospectively.

83. (1) The notifications of the Government of India in the Ministry of Finance (Department of Revenue) numbers G.S.R. 423(E), dated the 1st June, 2011, G.S.R. 499(E), dated the 1st July, 2011 and G.S.R. 185(E), dated the 17th March, 2012 issued by the Central Government under sub-section (1) of section 25 of the Customs Act, 1962, shall stand amended and shall be deemed to have been amended in the manner as specified in the Second Schedule, on and from the date mentioned in column (4) of that Schedule, against each of such notifications, retrospectively, and accordingly, notwithstanding anything contained in any judgment, decree or order of any court, tribunal or other authority, any action taken or anything done or purported to have been taken or done under the said notifications, shall be deemed to be, and always to have been, for all purposes, as validly and effectively taken or done as if the notifications as amended by this sub-section had been in force at all material times.

(2) For the purposes of sub-section (1), the Central Government shall have and shall be deemed to have the power to amend the notifications referred to in the said sub-section with retrospective effect as if the Central Government had the power to amend the said notifications under sub-section (1) of section 25 of the Customs Act, retrospectively, at all material times.

Amendment of notification issued under sub-section (1) of section 25 of Customs Act and subsection (12) of section 3 of Customs Tariff Act, retrospectively.

84. (1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 785(E), dated the 30th June, 2017 issued by the Central Government under subsection (1) of section 25 of the Customs Act, 1962 and sub-section (12) of section 3 of the Customs Tariff Act, 1975, shall stand amended and shall be deemed to have been amended in the manner as specified in the Third Schedule, on and from the date mentioned in column (4) of that Schedule and accordingly, notwithstanding anything contained in any judgment, decree or order of any court, tribunal or other authority, any action taken or anything done or purported to have been taken or done under the said notification, shall be deemed to be, and always to have been, for all purposes, as validly and effectively taken or done as if the notification as amended by this sub-section had been in force at all material times.

(2) For the purposes of sub-section (1), the Central Government shall have and shall be deemed to have the power to amend the notification referred to in the said sub-section with retrospective effect as if the Central Government had the power to amend the said notification under sub-section (1) of section 25 of the Customs Act and sub-section (12) of section 3 of Customs Tariff Act, retrospectively, at all material times.

Retrospective effect of notification issued under sub-section (1) of section 25 of Customs Act and sub-section (12) of section 3 of Customs Tariff Act.

85. The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 1270(E), dated the 31st December, 2018 amending the notification number G.S.R. 665 (E), dated the 2ndAugust, 1976, which was issued in exercise of powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 and sub-section (12) of section 3 of the Customs Tariff Act, 1975, shall be deemed to have, and always to have, for all purposes, come into force on and from the 1st day of July, 2017.

Customs Tariff

Amendment of section 9.

86. In section 9 of the Customs Tariff Act, 1975 (hereinafter referred to as the Customs Tariff Act), after sub-section (1), the following sub-section shall be inserted, namely:––

“(1A) Where the Central Government, on such inquiry as it considers necessary, is of the opinion that circumvention of countervailing duty imposed under sub-section (1) has taken place, either by altering the description or name or composition of the article on which such duty has been imposed or by import of such article in an unassembled or disassembled form or by changing the country of its origin or export or in any other manner, whereby the countervailing duty so imposed is rendered ineffective, it may extend the countervailing duty to such other article also.”

Amendment of section 9C.

87. In section 9C of the Customs Tariff Act, for sub-section (1), the following sub-section shall be substituted, namely:––

“(1) An appeal against the order of determination or review thereof shall lie to the Customs, Excise and Service Tax Appellate Tribunal constituted under section 129 of the Customs Act, 1962 (hereinafter referred to as the Appellate Tribunal), in respect of the existence, degree and effect of—

(i) any subsidy or dumping in relation to import of any article; or

(ii) import of any article into India in such increased quantities and under such condition so as to cause or threatening to cause serious injury to domestic industry requiring imposition of safeguard duty in relation to import of that article.”.

Amendment of First Schedule

88. In the Customs Tariff Act, the First Schedule shall––

(a) be amended in the manner specified in the Fourth Schedule;
(b) be also amended in the manner specified in the Fifth Schedule, with effect from such date as the Central Government may, by notification in the Offical Gazette, appoint.

Validation of modification in classification of certain goods leviable to antidumping duty with retrospective effect.

89. (1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 186 (E), dated the 22nd February, 2016 amending the notification number G.S.R. 804 (E), dated the 21st October, 2015, issued in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 read with rules 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 shall be deemed to have, and always to have, for all purposes, validly come into force on and from the 21st day of October, 2015.

(2) Refund shall be made of all such anti-dumping duty which has been collected, but which would not have been so collected, if the notification referred to in sub-section (1) been in force at all material times.

(3) An application for refund of anti-dumping duty referred to in sub-section (2) shall be made within a period of six months from the date on which the Finance (No.2) Bill, 2019 receives the assent of the President.

Validation of modification in description of goods with retrospective effect.

90. (1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R.665 (E), dated the 5th July 2016 amending the notification number G.S.R. 285 (E), dated the 8th March, 2016, issued in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, 1975, read with rules 18, 20 and 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 shall be deemed to have, and always to have, for all purposes, come into force on and from the 8th day of March, 2016

(2) Refund shall be made of all such anti-dumping duty which has been collected, but which would not have been so collected, if the notification referred to in sub-section (1) been in force at all material times.

(3) An application for refund of anti-dumping duty referred to in sub-section (2) shall be made within a period of six months from the date on which the Finance (No.2) Bill, 2019 receives the assent of the President.

Central Excise

Amendment of Fourth Schedule.

91. In the Fourth Schedule to the Central Excise Act, 1944, in Chapter 27, for the entry in column (4) occurring against tariff item 2709 20 00, the entry “Re.1 per tonne” shall be substituted.

Central Goods and Services Tax

Amendment of section 2

92. In section 2 of the Central Goods and Services Tax Act, 2017 (hereinafter referred as the Central Goods and Services Tax Act), in clause (4), after the words “the Appellate Authority for Advance Ruling,”, the words “the National Appellate Authority for Advance Ruling,” shall be inserted;

Amendment of section 10.

93. In section 10 of the Central Goods and Services Tax Act,––

(a) in sub-section (1), after the second proviso, the following Explanation shall be inserted, namely:—

“Explanation.–– For the purposes of second proviso, the value of exempt supply of services provided by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount shall not be taken into account for determining the value of turnover in a State or Union territory.”;

(b) in sub-section (2),—

(i) in clause (d), the word ‘‘and’’ occuring at the end shall be omitted;
(ii) in clause (e), for the word ‘‘Council:’’, the words ‘‘Council; and’’ shall be substituted;
(iii) after clause (e), the following clause shall be inserted, namely:––
“(f) he is neither a casual taxable person nor a non-resident taxable person:”;

“(2A) Notwithstanding anything to the contrary contained in this Act, but subject to the provisions of sub-sections (3) and (4) of section 9, a registered person, not eligible to opt to pay tax under sub-section (1) and sub-section (2), whose aggregate turnover in the preceding financial year did not exceed fifty lakh rupees, may opt to pay, in lieu of the tax payable by him under sub-section (1) of section 9, an amount of tax calculated at such rate as may be prescribed, but not exceeding three per cent. of the turnover in State or turnover in Union territory, if he is not––

(a) engaged in making any supply of goods or services which are not leviable to tax under this Act;

(b) engaged in making any inter-State outward supplies of goods or services;

(c) engaged in making any supply of goods or services through an electronic commerce operator who is required to collect tax at source under section 52;

(d) a manufacturer of such goods or supplier of such services as may be notified by the Government on the recommendations of the Council; and

(e) a casual taxable person or a non-resident taxable person:

Provided that where more than one registered person are having the same Permanent Account Number issued under the Income-tax Act, 1961, the registered person shall not be eligible to opt for the scheme under this sub-section unless all such registered persons opt to pay tax under this subsection.”;

(d) in sub-section (3), after the words, brackets and figure “under sub-section (1)” at both the places where they occur, the words, brackets, figure and letter “or sub-section (2A), as the case may be,” shall be inserted.

(e) in sub-section (4), after the words, brackets and figure “of sub-section (1)”, the words, brackets, figure and letter “or, as the case may be, sub-section (2A)” shall be inserted.

(f) in sub-section (5), after the words, brackets and figure “under sub-section (1)”, the words, brackets, figure and letter “or sub-section (2A), as the case may be,” shall be inserted

(g) after sub-section (5), the following Explanations shall be inserted, namely:––

    Explanation 1.–– For the purposes of computing aggregate turnover of a person for determining his eligibility to pay tax under this section, the expression “aggregate turnover” shall include the value of supplies made by such person from the 1st day of April of a financial year upto the date when he becomes liable for registration under this Act, but shall not include the value of exempt supply of services provided by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount.

    Explanation 2.–– For the purposes of determining the tax payable by a person under this section, the expression “turnover in State or turnover in Union territory” shall not include the value of following supplies, namely:––

    (i) supplies from the first day of April of a financial year upto the date when such person becomes liable for registration under this Act; and
    (ii) exempt supply of services provided by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount.’

Amendment of section 22

94.In section 22 of the Central Goods and Services Tax Act, in sub-section (1), after the second proviso, the following shall be inserted, namely:––

“Provided also that the Government may, at the request of a State and on the recommendations of the Council, enhance the aggregate turnover from twenty lakh rupees to such amount not exceeding forty lakh rupees in case of supplier who is engaged exclusively in the supply of goods, subject to such conditions and limitations, as may be notified.

Explanation.––For the purposes of this sub-section, a person shall be considered to be engaged exclusively in the supply of goods even if he is engaged in exempt supply of services provided by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount.”.

Amendment of section 25

95. In section 25 of the Central Goods and Services Tax Act, after sub-section (6), the following sub-sections shall be inserted, namely:–-

“(6A) Every registered person shall undergo authentication, or furnish proof of possession of Aadhaar number, in such form and manner and within such time as may be prescribed:

Provided that if an Aadhaar number is not assigned to the registered person, such person shall be offered alternate and viable means of identification in such manner as Government may, on the recommendations of the Council, prescribe:

Provided further that in case of failure to undergo authentication or furnish proof of possession of Aadhaar number or furnish alternate and viable means of identification, registration allotted to such person shall be deemed to be invalid and the other provisions of this Act shall apply as if such person does not have a registration.

(6B) On and from the date of notification, every individual shall, in order to be eligible for grant of registration, undergo authentication, or furnish proof of possession of Aadhaar number, in such manner as the Government may, on the recommendations of the Council, specify in the said notification:

Provided that if an Aadhaar number is not assigned to an individual, such individual shall be offered alternate and viable means of identification in such manner as the Government may, on the recommendations of the Council, specify in the said notification.

(6C) On and from the date of notification, every person, other than an individual, shall, in order to be eligible for grant of registration, undergo authentication, or furnish proof of possession of Aadhaar number of the Karta, Managing Director, whole time Director, such number of partners, Members of Managing Committee of Association, Board of Trustees, authorised representative, authorised signatory and such other class of persons, in such manner, as the Government may, on the recommendation of the Council, specify in the said notification:

Provided that where such person or class of persons have not been assigned the Aadhaar Number, such person or class of persons shall be offered alternate and viable means of identification in such manner as the Government may, on the recommendations of the Council, specify in the said notification.

(6D) The provisions of sub-section (6A) or sub-section (6B) or sub-section (6C) shall not apply to such person or class of persons or any State or Union territory or part thereof, as the Government may, on the recommendations of the Council, specify by notification.

Explanation.—For the purposes of this section, the expression “Aadhaar number” shall have the same meaning as assigned to it in clause (a) of section 2 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.”

Insertion of new section 31A. Facility of digital payment to recipient.

96. After section 31 of the Central Goods and Services Tax Act, the following section shall be inserted, namely:––

“31A. The Government may, on the recommendations of the Council, prescribe a class of registered persons who shall provide prescribed modes of electronic payment to the recipient of supply of goods or services or both made by him and give option to such recipient to make payment accordingly, in such manner and subject to such conditions and restrictions, as may be prescribed.”

Amendment of section 39

97. In section 39 of the Central Goods and Services Tax Act,––

(a) for sub-sections (1) and (2), the following sub-sections shall be substituted, namely:––

‘‘(1) Every registered person, other than an Input Service Distributor or a non-resident taxable person or a person paying tax under the provisions of section 10 or section 51 or section 52 shall, for every calendar month or part thereof, furnish, a return, electronically, of inward and outward supplies of goods or services or both, input tax credit availed, tax payable, tax paid and such other particulars, in such form and manner, and within such time, as may be prescribed:

Provided that the Government may, on the recommendations of the Council, notify certain class of registered persons who shall furnish a return for every quarter or part thereof, subject to such conditions and restrictions as may be specified therein.

(2) A registered person paying tax under the provisions of section 10, shall, for each financial year or part thereof, furnish a return, electronically, of turnover in the State or Union territory, inward supplies of goods or services or both, tax payable, tax paid and such other particulars in such form and manner, and within such time, as may be prescribed.’’;

(b) for sub-section (7), the following sub-section shall be substituted, namely:––

“(7) Every registered person who is required to furnish a return under sub-section (1), other than the person referred to in the proviso thereto, or sub-section (3) or sub-section (5), shall pay to the Government the tax due as per such return not later than the last date on which he is required to furnish such return:

Provided that every registered person furnishing return under the proviso to sub-section (1) shall pay to the Government, the tax due taking into account inward and outward supplies of goods or services or both, input tax credit availed, tax payable and such other particulars during a month, in such form and manner, and within such time, as may be prescribed:

Provided further that every registered person furnishing return under sub-section (2) shall pay to the Government the tax due taking into account turnover in the State or Union territory, inward supplies of goods or services or both, tax payable, and such other particulars during a quarter, in such form and manner, and within such time, as may be prescribed.”.

Amendment of section 44.

98. In section 44 of the Central Goods and Services Tax Act, in sub-section (1), the following provisos shall be inserted, namely:—

“Provided that the Commissioner may, on the recommendations of the Council and for reasons to be recorded in writing, by notification, extend the time limit for furnishing the annual return for such class of registered persons as may be specified therein:

Provided further that any extension of time limit notified by the Commissioner of State tax or the Commissioner of Union territory tax shall be deemed to be notified by the Commissioner.”

Amendment of section 49.

99. In section 49 of the Central Goods and Services Tax Act, after sub-section (9), the following subsections shall be inserted, namely:—

“(10) A registered person may, on the common portal, transfer any amount of tax, interest, penalty, fee or any other amount available in the electronic cash ledger under this Act, to the electronic cash ledger for integrated tax, central tax, State tax, Union territory tax or cess, in such form and manner and subject to such conditions and restrictions as may be prescribed and such transfer shall be deemed to be a refund from the electronic cash ledger under this Act.

(11) Where any amount has been transferred to the electronic cash ledger under this Act, the same shall be deemed to be deposited in the said ledger as provided in sub-section (1).”

Amendment of section 50.

100. In section 50 of the Central Goods and Services Tax Act, in sub-section (1), the following proviso shall be inserted, namely:––

“Provided that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period furnished after the due date in accordance with the provisions of section 39, except where such return is furnished after commencement of any proceedings under section 73 or section 74 in respect of the said period, shall be levied on that portion of the tax that is paid by debiting the electronic cash ledger.”.

Amendment of section 52.

101. In section 52 of the Central Goods and Services Tax Act,––

(a) in sub-section (4), the following provisos shall be inserted, namely:––

“Provided that the Commissioner may, for reasons to be recorded in writing, by notification, extend the time limit for furnishing the statement for such class of registered persons as may be specified therein:

Provided further that any extension of time limit notified by the Commissioner of State tax or the Commissioner of Union territory tax shall be deemed to be notified by the Commissioner.”;

(b) in sub-section (5), the following provisos shall be inserted, namely:––

“Provided that the Commissioner may, on the recommendations of the Council and for reasons to be recorded in writing, by notification, extend the time limit for furnishing the annual statement for such class of registered persons as may be specified therein:

Provided further that any extension of time limit notified by the Commissioner of State tax or the Commissioner of Union territory tax shall be deemed to be notified by the Commissioner.”.

Insertion of new section 53A. Amendment of section 50. Transfer of certain amounts

102. After section 53 of the Central Goods and Services Tax Act, the following section shall be inserted, namely:––

“53A. Where any amount has been transferred from the electronic cash ledger under this Act to the electronic cash ledger under the State Goods and Services Tax Act or the Union territory Goods and Services Tax Act, the Government shall, transfer to the State tax account or the Union territory tax account, an amount equal to the amount transferred from the electronic cash ledger, in such manner and within such time as may be prescribed.”.

Amendment of section 54.

103. In section 54 of the Central Goods and Services Tax Act, after sub-section (8), the following sub-section shall be inserted, namely:––

“(8A) The Government may disburse the refund of the State tax in such manner as may be prescribed.”

Amendment of section 95.

104. In section 95 of the Central Goods and Services Tax Act,––

(i) in clause (a),––
    (a) after the words “Appellate Authority”, the words “or the National Appellate Authority” shall be inserted;
    (b) after the words and figures “of section 100”, the words, figures and letter “or of section 101C” shall be inserted;

(ii) after clause (e), the following clause shall be inserted, namely:––
    “(f) “National Appellate Authority” means the National Appellate Authority for Advance Ruling referred to in section 101A.”.

Insertion of new sections 101A, 101B and 101C

105. After section 101 of the Central Goods and Services Tax Act, the following sections shall be inserted, namely:––

Constitution of National Appellate Authority for Advance Ruling

“101A. (1) The Government shall, on the recommendations of the Council, by notification, constitute, with effect from such date as may be specified therein, an Authority known as the National Appellate Authority for Advance Ruling for hearing appeals made under section 101B.

(2) The National Appellate Authority shall consist of—
(i) the President, who has been a Judge of the Supreme Court or is or has been the Chief Justice of a High Court, or is or has been a Judge of a High Court for a period not less than five years;
(ii) a Technical Member (Centre) who is or has been a member of Indian Revenue (Customs and Central Excise) Service, Group A, and has completed at least fifteen years of service in Group A;
(iii) a Technical Member (State) who is or has been an officer of the State Government not below the rank of Additional Commissioner of Value Added Tax or the Additional Commissioner of State tax with at least three years of experience in the administration of an existing law or the State Goods and Services Tax Act or in the field of finance and taxation.

(3) The President of the National Appellate Authority shall be appointed by the Government after consultation with the Chief Justice of India or his nominee:

Provided that in the event of the occurrence of any vacancy in the office of the President by reason of his death, resignation or otherwise, the senior most Member of the National Appellate Authority shall act as the President until the date on which a new President, appointed in accordance with the provisions of this Act to fill such vacancy, enters upon his office:

Provided further that where the President is unable to discharge his functions owing to absence, illness or any other cause, the senior most Member of the National Appellate Authority shall discharge the functions of the President until the date on which the President resumes his duties.

(4) The Technical Member (Centre) and Technical Member (State) of the National Appellate Authority shall be appointed by the Government on the recommendations of a Selection Committee consisting of such persons and in such manner as may be prescribed.

(5) No appointment of the Members of the National Appellate Authority shall be invalid merely by the reason of any vacancy or defect in the constitution of the Selection Committee.

(6) Before appointing any person as the President or Members of the National Appellate Authority, the Government shall satisfy itself that such person does not have any financial or other interests which are likely to prejudicially affect his functions as such President or Member.

(7) The salary, allowances and other terms and conditions of service of the President and the Members of the National Appellate Authority shall be such as may be prescribed:

Provided that neither salary and allowances nor other terms and conditions of service of the President or Members of the National Appellate Authority shall be varied to their disadvantage after their appointment

(8) The President of the National Appellate Authority shall hold office for a term of three years from the date on which he enters upon his office, or until he attains the age of seventy years, whichever is earlier and shall also be eligible for reappointment.

(9) The Technical Member (Centre) or Technical Member (State) of the National Appellate Authority shall hold office for a term of five years from the date on which he enters upon his office, or until he attains the age of sixty-five years, whichever is earlier and shall also be eligible for reappointment.

(10) The President or any Member may, by notice in writing under his hand addressed to the Government, resign from his office:

Provided that the President or Member shall continue to hold office until the expiry of three months from the date of receipt of such notice by the Government, or until a person duly appointed as his successor enters upon his office or until the expiry of his term of office, whichever is the earliest.

(11) The Government may, after consultation with the Chief Justice of India, remove from the office such President or Member, who—

(a) has been adjudged an insolvent; or

(b) has been convicted of an offence which, in the opinion of such Government involves moral turpitude; or

(d) has acquired such financial or other interest as is likely to affect prejudicially his functions as such President or Member; or

(e) has so abused his position as to render his continuance in office prejudicial to the public interest:

Provided that the President or the Member shall not be removed on any of the grounds specified in clauses (d) and (e), unless he has been informed of the charges against him and has been given an opportunity of being heard.

(12) Without prejudice to the provisions of sub-section (11), the President and Technical Members of the National Appellate Authority shall not be removed from their office except by an order made by the Government on the ground of proven misbehaviour or incapacity after an inquiry made by a Judge of the Supreme Court nominated by the Chief Justice of India on a reference made to him by the Government and such President or Member had been given an opportunity of being heard.

(13) The Government, with the concurrence of the Chief Justice of India, may suspend from office, the President or Technical Members of the National Appellate Authority in respect of whom a reference has been made to the Judge of the Supreme Court under sub-section (12)

(14) Subject to the provisions of article 220 of the Constitution, the President or Members of the National Appellate Authority, on ceasing to hold their office, shall not be eligible to appear, act or plead before the National Appellate Authority where he was the President or, as the case may be, a Member

Appeal to National Appellate Authority.

101B. (1) Where, in respect of the questions referred to in sub-section (2) of section 97, conflicting advance rulings are given by the Appellate Authorities of two or more States or Union territories or both under sub-section (1) or sub-section (3) of section 101, any officer authorised by the Commissioner or an applicant, being distinct person referred to in section 25 aggrieved by such advance ruling, may prefer an appeal to National Appellate Authority:

Provided that the officer shall be from the States in which such advance rulings have been given

(2) Every appeal under this section shall be filed within a period of thirty days from the date on which the ruling sought to be appealed against is communicated to the applicants, concerned officers and jurisdictional officers:

Provided that the officer authorised by the Commissioner may file appeal within a period of ninety days from the date on which the ruling sought to be appealed against is communicated to the concerned officer or the jurisdictional officer:

Provided further that the National Appellate Authority may, if it is satisfied that the appellant was prevented by a sufficient cause from presenting the appeal within the said period of thirty days, or as the case may be, ninety days, allow such appeal to be presented within a further period not exceeding thirty days

Explanation.–– For removal of doubts, it is clarified that the period of thirty days or as the case may be, ninety days shall be counted from the date of communication of the last of the conflicting rulings sought to be appealed against.

(3) Every appeal under this section shall be in such form, accompanied by such fee and verified in such manner as may be prescribed

Order of National Appellate Authority

101C. (1) The National Appellate Authority may, after giving an opportunity of being heard to the applicant, the officer authorised by the Commissioner, all Principal Chief Commissioners, Chief Commissioners of Central tax and Chief Commissioner and Commissioner of State tax of all States and Chief Commissioner and Commissioner of Union territory tax of all Union territories, pass such order as it thinks fit, confirming or modifying the rulings appealed against.

(2) If the members of the National Appellate Authority differ in opinion on any point, it shall be decided according to the opinion of the majority.

(3) The order referred to in sub-section (1) shall be passed as far as possible within a period of ninety days from the date of filing of the appeal under section 101B.

(4) A copy of the advance ruling pronounced by the National Appellate Authority shall be duly signed by the Members and certified in such manner as may be prescribed and shall be sent to the applicant, the officer authorised by the Commissioner, the Board, the Chief Commissioner and Commissioner of State tax of all States and Chief Commissioner and Commissioner of Union territory tax of all Union territories and to the Authority or Appellate Authority, as the case may be, after such pronouncement.”

Amendment of section 102

106. In section 102 of the Central Goods and Services Tax Act, in the opening portion,––

    (a) after the words “Appellate Authority”, at both the places where they occur, the words “or the National Appellate Authority” shall be inserted;
    (b) after the words and figures “or section 101”, the words, figures and letter “or section 101C, respectively,” shall be inserted;
    (c) for the words “or the appellant”, the words “,appellant, the Authority or the Appellate Authority” shall be substituted

Amendment of section 103

107. In section 103 of the Central Goods and Services Tax Act,––

(i) after sub-section (1), the following sub-section shall be inserted, namely:––

“(1A) The advance ruling pronounced by the National Appellate Authority under this Chapter shall be binding on—

(a) the applicants, being distinct persons, who had sought the ruling under sub-section (1) of section 101B and all registered persons having the same Permanent Account Number issued under the Income-tax Act, 1961;

(b) the concerned officers and the jurisdictional officers in respect of the applicants referred to in clause (a) and the registered persons having the same Permanent Account Number issued under the Income-tax Act, 1961.”;

(ii) in sub-section (2), after the words, brackets and figure “in sub-section (1)”, the words, brackets, figure and letter “and sub-section (1A)” shall be inserted.

Amendment of section 104.

108. In section 104 of the Central Goods and Services Tax Act, in sub-section (1),––

(a) after the words “Authority or the Appellate Authority”, the words “or the National Appellate Authority” shall be inserted;

(b) after the words and figures “of section 101”, the words, figures and letter “or under section 101C” shall be inserted.

Amendment of section 105.

109. In section 105 of the Central Goods and Services Tax Act,––

(a) for the marginal heading, the following marginal heading shall be substituted, namely:––

“Powers of Authority, Appellate Authority and National Appellate Authority”;

(b) in sub-section (1), after the words “Appellate Authority”, the words “or the National Appellate Authority” shall be inserted;

(c) in sub-section (2), after the words “Appellate Authority”, the words “or the National Appellate Authority” shall be inserted.

Amendment of section 106.

110. In section 106 of the Central Goods and Services Tax Act,––

(a) for the marginal heading, the following marginal heading shall be substituted, namely:––

“Procedure of Authority, Appellate Authority and National Appellate Authority”;

(b) after the words “Appellate Authority”, the words “or the National Appellate Authority” shall be inserted.

Amendment of section 168.

111. In section 168 of the Central Goods and Services Tax Act, in sub-section (2), after the word, and figures “section 39,”, the words, brackets and figures “sub-section (1) of section 44, sub-sections (4) and (5) of section 52,” shall be inserted.

Amendment of section 171.

112. In section 171 of the Central Goods and Services Tax Act, after sub-section (3), the following shall be inserted, namely:––

“(3A) Where the Authority referred to in sub-section (2) after holding examination as required under the said sub-section comes to the conclusion that any registered person has profiteered under sub- section (1), such person shall be liable to pay penalty equivalent to ten per cent. of the amount so profiteered:

Provided that no penalty shall be leviable if the profiteered amount is deposited within thirty days of the date of passing of the order by the Authority.

Explanation.— For the purposes of this section, the expression “profiteered” shall mean the amount determined on account of not passing the benefit of reduction in rate of tax on supply of goods or services or both or the benefit of input tax credit to the recipient by way of commensurate reduction in the price of the goods or services or both.”.

Amendment of notification number G.S.R. 674(E) issued under subsection (1) of section 11 of Central Goods and Services Tax Act, retrospectively

113. (1) In the notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 674(E), dated the 28th June, 2017, issued by the Central Government on the recommendations of the Council, under sub-section (1) of the section 11 of the Central Goods and Services Tax Act, 2017, in the Schedule, after S. No. 103 and the entries relating thereto, the following S. No. and the entries shall be inserted and shall deemed to have been inserted retrospectively with effect from the 1st day of July, 2017, namely:––

(1)	(2)	(3)
"103A	26	Uranium Ore Concentrate”

(2) For the purposes of sub-section (1), the Central Government shall have and shall be deemed to have the power to amend the notification referred to in sub-section (1) with retrospective effect as if the Central Government had the power to amend the said notification under sub-section (1) of section 11 of the said Act, retrospectively, at all material times

(3) No refund shall be made of all such tax which has been collected, but which would not have been so collected, if the notification referred to in sub-section (1) had been in force at all material times

Integrated Goods and Services Tax

Insertion of new section 17A.

114. After section 17 of the Integrated Goods and Services Tax Act, 2017, the following section shall be inserted, namely:––

Transfer of certain amounts.

“17A. Where any amount has been transferred from the electronic cash ledger under this Act to the electronic cash ledger under the State Goods and Services Tax Act or the Union Territory Goods and Services Tax Act, the Government shall transfer to the State tax account or the Union territory tax account, an amount equal to the amount transferred from the electronic cash ledger, in such manner and within such time, as may be prescribed.”

Amendment of notification number G.S.R. 667(E) issued under subsection (1) of section 6 of Integrated Goods and Services Tax Act, retrospectively.

115. (1) In the notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 667(E), dated the 28th June, 2017, issued by the Central Government on the recommendations of the Council, under sub-section (1) of the section 6 of the Integrated Goods and Services Tax Act, 2017, in the Schedule, after S. No. 103 and the entries relating thereto, the following S. No. and the entries shall be inserted and shall deemed to have been inserted retrospectively with effect from the 1st day of July, 2017, namely:—

(1)	(2)	(3)
"103A	26	Uranium Ore Concentrate”

(2) For the purposes of sub-section (1), the Central Government shall have and shall be deemed to have the power to amend the notification referred to in sub-section(1) with retrospective effect as if the Central Government had the power to amend the said notification under sub-section (1) of section 6 of the said Act, retrospectively, at all material times

Union Territory Goods and Services Tax

Amendment of notification number G.S.R. 711(E) issued under sub-section (1) of section 8 of Union Territory Goods and Services Tax Act, retrospectively

116. (1) In the notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 711(E), dated the 28th June, 2017, issued by the Central Government on the recommendations of the Council, under sub-section (1) of the section 8 of the Union Territory Goods and Services Tax Act, 2017, in the Schedule, after S. No. 103 and the entries relating thereto, the following S. No. and the entries shall be inserted and shall deemed to have been inserted retrospectively with effect from the 1st day of July, 2017, namely:––

(1)	(2)	(3)
"103A	26	Uranium Ore Concentrate”

(2) For the purposes of sub-section (1), the Central Government shall have and shall be deemed to have the power to amend the notification referred to in sub-section (1) with retrospective effect as if the Central Government had the power to amend the said notification under sub-section (1) of section 8 of the said Act, retrospectively, at all material times.

Service Tax

Special provision for retrospective exemption from service tax on service by way of grant of liquor licence.

117. (1) Notwithstanding anything contained in section 66B of Chapter V of the Finance Act, 1994 as it stood prior to its omission vide section 173 of the Central Goods and Services Tax Act, 2017 with effect from the 1st day of July, 2017(hereinafter referred to as the said Chapter), no service tax shall be levied or collected in respect of taxable service provided or agreed to be provided by the State Government by way of grant of liquor licence, against consideration in the form of licence fee or application fee, by whatever name called, during the period commencing from the 1st day of April, 2016 and ending with the 30th day of June, 2017 (both days inclusive).

(2) Refund shall be made of all such service tax which has been collected, but which would not have been so collected, had sub-section (1) been in force at all material times:

Provided that an application for the claim of refund of service tax shall be made within a period of six months from the date on which the Finance (No.2) Bill, 2019 receives the assent of the President

(3) Notwithstanding the omission of the said Chapter, the provisions of the said Chapter shall apply for refund under this section retrospectively as if the said Chapter had been in force at all material times.

Special provision for retrospective exemption from service tax in certain cases relating to services provided by Indian Institutes of Management to students.

118. (1) Notwithstanding anything contained in section 66, as it stood prior to the 1st day of July, 2012, or in section 66B, as it stood prior to the 1st day of July, 2017, of Chapter V of the Finance Act, 1994, as it stood prior to its omission vide section 173 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the said Chapter), no service tax shall be levied or collected during the period commencing from the 1st day of July, 2003 and ending with the 31st day of March, 2016 (both days inclusive), in respect of taxable services provided or agreed to be provided by the Indian Institutes of Management to the students as per the guidelines of the Central Government, by way of the following educational programmes, except Executive Development Programme, namely:—

(a) two year full time Post Graduate Programmes in Management for the Post Graduate Diploma in Management, to which admissions are made on the basis of Common Admission Test conducted by the Indian Institute of Management;

(b) fellow programme in Management;

(c) five year integrated programme in Management

(2) Refund shall be made of all such service tax which has been collected, but which would not have been so collected, had sub-section (1) been in force at all material times:

Special provision for retrospective exemption from service tax in certain cases relating to long term lease of plots for development of infrastructure for financial business

119. (1) Notwithstanding anything contained in section 66B of Chapter V of the Finance Act, 1994, as it stood prior to its omission vide section 173 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the said Chapter), no service tax shall be levied or collected on upfront amount, called as premium, salami, cost, price, development charges or by any other name, payable in respect of service by way of granting long term lease of thirty years or more of plots for development of infrastructure for financial business, provided or agreed to be provided by the State Government Industrial Development Corporations or Undertakings or by any other entity having fifty per cent. or more of the ownership of the Central Government or the State Government or the Union territory, either directly or through an entity which is wholly owned by the Central Government or the State Government or the Union territory, to the developers in any industrial or financial business area during the period commencing from the 1st day of October, 2013 and ending with the 30th day of June, 2017 (both days inclusive).

(2) Refund shall be made of all such service tax which has been collected, but which would not have been so collected, had sub-section (1) been in force at all material times:

Provided that an application for the claim of refund of service tax shall be made within a period of six months from the date on which the Finance (No.2) Bill, 2019 receives assent of the President.

CHAPTER V

SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019

Short title and commencement

120. (1) This Scheme shall be called the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (hereafter in this Chapter referred to as the “Scheme”).

(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

121. In this Scheme, unless the context otherwise requires,—

(a ) “amount declared” means the amount declared by the declarant under section 124;

(b) “amount estimated” means the amount estimated by the designated committee under section 126;

(c) “amount in arrears” means the amount of duty which is recoverable as arrears of duty under the indirect tax enactment, on account of—
    (i) no appeal having been filed by the declarant against an order or an order in appeal before expiry of the period of time for filing appeal; or
    (ii) an order in appeal relating to the declarant attaining finality; or
   (iii) the declarant having filed a return under the indirect tax enactment on or before the 30th day of June, 2019,wherein he has admitted a tax liability but not paid it;

(d) “amount of duty “ means the amount of central excise duty, the service tax and the cess payable under the indirect tax enactment;

(e) “amount payable” means the final amount payable by the declarant as determined by the designated committee and as indicated in the statement issued by it, in order to be eligible for the benefits under this Scheme and shall be calculated as the amount of tax dues less the tax relief;

(f ) “appellate forum” means the Supreme Court or the High Court or the Customs, Excise and Service Tax Appellate Tribunal or the Commissioner ( Appeals);

(g) “audit” means any scrutiny, verification and checks carried out under the indirect tax enactment, other than an enquiry or investigation, and will commence when a written intimation from the central excise officer regarding conducting of audit is received;

(h) “declarant” means a person who is eligible to make a declaration and files such declaration under section 124;

(i ) “declaration” means the declaration filed under section 124;

(j) “departmental appeal” means the appeal filed by a central excise officer authorised to do so under the indirect tax enactment, before the appellate forum;

(k) “designated committee” means the committee referred to in section 125;

(l) “discharge certificate” means the certificate issued by the designated committee under section 126;

(m) ‘‘enquiry or investigation’’, under any of the indirect tax enactment, shall include the following
actions, namely:—
    (i) search of premises;
    (ii) issuance of summons;
    (iii) requiring the production of accounts, documents or other evidence;
    (iv) recording of statements;

(n) “indirect tax enactment” means the enactments specified in section 121;

(o) “order” means an order of determination under any of the indirect tax enactment, passed in relation to a show cause notice issued under such indirect tax enactment;

(p) “order in appeal” means an order passed by an appellate forum with respect to an appeal filed before it;

(q) “person” includes—
    (i) an individual;
    (ii) a Hindu undivided family;
    (iii) a company;
    (iv) a society;
    (v) a limited liability partnership;
    (vi) a firm;
    (vii) an association of persons or body of individuals, whether incorporated or not;
    (viii)the Government;
    (ix) a local authority;
    (x) an assessee as defined in rule 2 of the Central Excise Rules, 2002;
    (xi) every artificial juridical person, not falling within any of the preceding clauses.

(r) ‘‘quantified”, with its cognate expression, means a written communication of the amount of duty payable under the indirect tax enactment;

(s) “statement” means the statement issued by the designated committee under section 126;

(t) “tax relief” means the amount of relief granted under section 123;

(u) all other words and expressions used in this Scheme, but not defined, shall have the same meaning as assigned to them in the indirect tax enactment and in case of any conflict between two or more such meanings in any indirect tax enactment, the meaning which is more congruent with the provisions of this Scheme shall be adopted.

Application of Scheme to indirect tax enactments

122. This Scheme shall be applicable to the following enactments, namely:—

(a) the Central Excise Act, 1944 or the Central Excise Tariff Act, 1985 or Chapter V of the Finance Act, 1994 and the rules made thereunder;

(b) the following Acts, namely:—

(i) the Agricultural Produce Cess Act,1940;
(ii) the Coffee Act, 1942;
(iii) the Mica Mines Labour Welfare Fund Act, 1946;
(iv) the Rubber Act, 1947;
(v) the Salt Cess Act, 1953;
(vi) the Medicinal and Toilet Preparations (Excise Duties) Act, 1955;
(vii) the Additional Duties of Excise (Goods of Special Importance) Act, 1957;
(viii) the Mineral Products (Additional Duties of Excise and Customs) Act, 1958;
(ix) the Sugar (Special Excise Duty) Act, 1959;
(x) the Textiles Committee Act, 1963;
(xi) the Produce Cess Act, 1966;
(xii) the Limestone and Dolomite Mines Labour Welfare Fund Act, 1972;
(xiii) the Coal Mines (Conservation and Development) Act, 1974;
(xiv) the Oil Industry (Development) Act, 1974;(xv) the Tobacco Cess Act, 1975;
(xvi) the Iron Ore Mines, Manganese Ore Mines and Chrome Ore Mines Labour Welfare
Cess Act, 1976;
(xvii) the Bidi Workers Welfare Cess Act, 1976;
(xviii)the Additional Duties of Excise (Textiles and Textile Articles) Act, 1978;
(xix) the Sugar Cess Act, 1982;
(xx) the Jute Manufacturers Cess Act, 1983;
(xxi) the Agricultural and Processed Food Products Export Cess Act, 1985;
(xxii) the Spices Cess Act, 1986;
(xxiii)the Finance Act, 2004;
(xxiv) the Finance Act, 2007;
(xxv) the Finance Act, 2015;
(xxvi) the Finance Act, 2016;

Tax dues

123. For the purposes of the Scheme, “tax dues” means—

(a) where—

(i) a single appeal arising out of an order is pending as on the 30th day of June, 2019 before the appellate forum, the total amount of duty which is being disputed in the said appeal;

(ii) more than one appeal arising out of an order, one by the declarant and the other being a departmental appeal, which are pending as on the 30th day of June, 2019 before the appellate forum, the sum of the amount of duty which is being disputed by the declarant in his appeal and the amount of duty being disputed in the departmental appeal:

Provided that nothing contained in the above clauses shall be applicable where such an appeal has been heard finally on or before the 30th day of June, 2019.

Illustration 1: The show cause notice to a declarant was for an amount of duty of Rs.1000 and an amount of penalty of Rs.100. The order was for an amount of duty of Rs.1000 and amount of penalty of Rs.100. The declarant files an appeal against this order. The amount of duty which is being disputed is Rs.1000 and hence the tax dues are Rs.1000.

Illustration 2: The show cause notice to a declarant was for an amount of duty of Rs.1000 and an amount of penalty of Rs.100. The order was for an amount of duty of Rs.900 and penalty of Rs.90. The declarant files an appeal against this order. The amount of duty which is being disputed is Rs.900 and hence tax dues are Rs.900.

Illustration 3: The show cause notice to a declarant was for an amount of duty of Rs.1000 and an amount of penalty of Rs.100. The order was for an amount of duty of Rs.900 and penalty of Rs 90. The declarant files an appeal against this order of determination. The departmental appeal is for an amount of duty of Rs.100 and penalty of Rs.10. The amount of duty which is being disputed is Rs.900 plus Rs.100 i.e Rs.1000 and hence tax dues are Rs.1000

Illustration 4: The show cause notice to a declarant was for an amount of duty of Rs.1000. The order was for an amount of duty of Rs.1000. The declarant files an appeal against this order of determination. The first appellate authority reduced the amount of duty to Rs.900. The declarant files a second appeal. The amount of duty which is being disputed is Rs.900 and hence tax dues are Rs.900;

(b) where a show cause notice under any of the indirect tax enactment has been received by the declarant on or before the 30th day of June, 2019, then, the amount of duty stated to be payable by the declarant in the said notice:

Provided that if the said notice has been issued to the declarant and other persons making them jointly and severally liable for an amount, then, the amount indicated in the said notice as jointly and severally payable shall be taken to be the amount of duty payable by the declarant;

(c) where an enquiry or investigation or audit is pending against the declarant, the amount of duty payable under any of the indirect tax enactment which has been quantified on or before the 30th day of June, 2019;

(d) where the amount has been voluntarily disclosed by the declarant, then, the total amount of duty stated in the declaration;

(e) where an amount in arrears relating to the declarant is due, the amount in arrears.

Relief available under Scheme

124. (1) Subject to the conditions specified in sub-section (2), the relief available to a declarant under this Scheme shall be calculated as follows:

(a) where the tax dues are relatable to a show cause notice or one or more appeals arising out of such notice which is pending as on the 30th day of June, 2019, and if the amount of duty is,—

(i) rupees fifty lakhs or less, then, seventy per cent. of the tax dues;
(ii) more than rupees fifty lakhs, then, fifty per cent. of the tax dues;

(b) where the tax dues are relatable to a show cause notice for late fee or penalty only, and the amount of duty in the said notice has been paid or is nil, then, the entire amount of late fee or penalty;

(i) the amount of duty is, rupees fifty lakhs or less, then, sixty per cent. of the tax dues;
(ii) the amount of duty is more than rupees fifty lakhs, then, forty per cent. of the tax dues;
(iii) in a return under the indirect tax enactment, wherein the declarant has indicated an amount of duty as payable but not paid it and the duty amount indicated is,—

(A) rupees fifty lakhs or less, then, sixty per cent. of the tax dues;
(B) amount indicated is more than rupees fifty lakhs, then, forty per cent. of the tax dues

(d) where the tax dues are linked to an enquiry, investigation or audit against the declarant and the amount quantified on or before the 30th day of June, 2019 is—

(i) rupees fifty lakhs or less, then, seventy per cent. of the tax dues;
(ii) more than rupees fifty lakhs, then, fifty per cent. of the tax dues;

(e) where the tax dues are payable on account of a voluntary disclosure by the declarant, then, no relief shall be available with respect to tax dues

(2) The relief calculated under sub-section (1) shall be subject to the condition that any amount paid as predeposit at any stage of appellate proceedings under the indirect tax enactment or as deposit during enquiry, investigation or audit, shall be deducted when issuing the statement indicating the amount payable by the declarant:

Provided that if the amount of predeposit or deposit already paid by the declarant exceeds the amount payable by the declarant, as indicated in the statement issued by the designated committee, the declarant shall not be entitled to any refund

Declaration under Scheme.

125. (1) All persons shall be eligible to make a declaration under this Scheme except the following, namely:—

(a) who have filed an appeal before the appellate forum and such appeal has been heard finally on or before the 30th day of June, 2019;
(b) who have been convicted for any offence punishable under any provision of the indirect tax enactment for the matter for which he intends to file a declaration;
(c) who have been issued a show cause notice, under indirect tax enactment and the final hearing has taken place on or before the 30th day of June, 2019;
(d) who have been issued a show cause notice under indirect tax enactment for an erroneous refund or refund;
(e) who have been subjected to an enquiry or investigation or audit and the amount of duty involved in the said enquiry or investigation or audit has not been quantified on or before the 30th day of June, 2019;
(f) a person making a voluntary disclosure,—

(i) after being subjected to any enquiry or investigation or audit; or
(ii) having filed a return under the indirect tax enactment, wherein he has indicated an amount of duty as payable, but has not paid it;

(g) who have filed an application in the Settlement Commission for settlement of a case
(h) persons seeking to make declarations with respect to excisable goods set forth in the Fourth Schedule to the Central Excise Act, 1944;

(2) A declaration under sub-section (1) shall be made in such electronic form as may be prescribed.

Verification of declaration by designated committee.

*126. (1) The designated committee shall verify the correctness of the declaration made by the declarant under section 124 in such manner as may be prescribed:

Provided that no such verification shall be made in case where a voluntary disclosure of an amount of duty has been made by the declarant.

(2) The composition and functioning of the designated committee shall be such as may be prescribed.

Issue of statement by designated committee.

127. (1) Where the amount estimated to be payable by the declarant, as estimated by the designated committee, equals the amount declared by the declarant, then, the designated committee shall issue in electronic form, a statement, indicating the amount payable by the declarant, within a period of sixty days from the date of receipt of the said declaration.

(2) Where the amount estimated to be payable by the declarant, as estimated by the designated committee, exceeds the amount declared by the declarant, then, the designated committee shall issue in electronic form, an estimate of the amount payable by the declarant within thirty days of the date of receipt of the declaration.

(3) After the issue of the estimate under sub-section (2), the designated committee shall give an opportunity of being heard to the declarant, if he so desires, before issuing the statement indicating the amount payable by the declarant:

Provided that on sufficient cause being shown by the declarant, only one adjournment may be granted by the designated committee.

(4) After hearing the declarant, a statement in electronic form indicating the amount payable by the declarant, shall be issued within a period of sixty days from the date of receipt of the declaration.

(5) The declarant shall pay electronically through internet banking, the amount payable as indicated in the statement issued by the designated committee, within a period of thirty days from the date of issue of such statement.

(6) Where the declarant has filed an appeal or reference or a reply to the show cause notice against any order or notice giving rise to the tax dues, before the appellate forum, other than the Supreme Court or the High Court, then, notwithstanding anything contained in any other provisions of any law for the time being in force, such appeal or reference or reply shall be deemed to have been withdrawn.

(7) Where the declarant has filed a writ petition or appeal or reference before any High Court or the Supreme Court against any order in respect of the tax dues, the declarant shall file an application before such High Court or the Supreme Court for withdrawing such writ petition, appeal or reference and after withdrawal of such writ petition, appeal or reference with the leave of the Court, he shall furnish proof of such withdrawal to the designated committee, in such manner as may be prescribed, along with the proof of payment referred to in sub-section (5).

(8) On payment of the amount indicated in the statement of the designated committee and production of proof of withdrawal of appeal, wherever applicable, the designated committee shall issue a discharge certificate in electronic form, within thirty days of the said payment and production of proof .

Rectification of errors

128. Within thirty days of the date of issue of a statement indicating the amount payable by the declarant, the designated committee may modify its order only to correct an arithmetical error or clerical error, which is apparent on the face of record, on such error being pointed out by the declarant or suo motu, by the designated committee.

Issue of discharge certificate to be conclusive of matter and time period

129. (1) Every discharge certificate issued under section 126 with respect to the amount payable under this Scheme shall be conclusive as to the matter and time period stated therein, and–

(a) the declarant shall not be liable to pay any further duty, interest, or penalty with respect to the matter and time period covered in the declaration;
(b) the declarant shall not be liable to be prosecuted under the indirect tax enactment with respect to the matter and time period covered in the declaration;
(c) no matter and time period covered by such declaration shall be reopened in any other proceeding under the indirect tax enactment.

(2) Notwithstanding anything contained in sub-section (1),—

(a) no person being a party in appeal, application, revision or reference shall contend that the central excise officer has acquiesced in the decision on the disputed issue by issuing the discharge certificate under this scheme;

(b) the issue of the discharge certificate with respect to a matter for a time period shall not preclude the issue of a show cause notice,—
(i) for the same matter for a subsequent time period; or
(ii) for a different matter for the same time period;

(c) in a case of voluntary disclosure where any material particular furnished in the declaration is subsequently found to be false, within a period of one year of issue of the discharge certificate, it shall be presumed as if the declaration was never made and proceedings under the applicable indirect tax enactment shall be instituted.

Restrictions of Scheme

130. (1) Any amount paid under this Scheme,—
(a) shall not be paid through the input tax credit account under the indirect tax enactment or any other Act;
(b) shall not be refundable under any circumstances;
(c) shall not, under the indirect tax enactment or under any other Act,—
(i) be taken as input tax credit; or
(ii) entitle any person to take input tax credit, as a recipient, of the excisable goods or taxable services, with respect to the matter and time period covered in the declaration.

(2) In case any pre deposit or other deposit already paid exceeds the amount payable as indicated in the statement of the designated committee, the difference shall not be refunded.

Removal of doubts.

131. For the removal of doubts, it is hereby declared that, save as otherwise expressly provided in sub-section (1) of section 123, nothing contained in this Scheme shall be construed as conferring any benefit, concession or immunity on the declarant in any proceedings other than those in relation to the matter and time period to which the declaration has been made.

Power to make rules

132. (1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Scheme.

(2) Without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:—

(a) the form in which a declaration may be made and the manner in which such declaration may be verified;
(b) the manner of constitution of the designated committee and its rules of procedure and functioning;
( c) the form and manner of estimation of amount payable by the declarant and the procedure relating thereto;
(d) the form and manner of making the payment by the declarant and the intimation regarding the withdrawal of appeal;
(e) the form and manner of the discharge certificate which may be granted to the declarant;
(f) the manner in which the instructions may be issued and published;
(g) any other matter which is to be, or may be, prescribed, or in respect of which provision is to be made, by rules.

(3) The Central Government shall cause every rule made under this Scheme to be laid, as soon as may be after it is made, before each House of Parliament, while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.

Power to issue orders, instructions, etc

133. (1) The Central Board of Indirect Taxes and Customs may, from time to time, issue such orders, instructions and directions to the authorities, as it may deem fit, for the proper administration of this Scheme, and such authorities, and all other persons employed in the execution of this Scheme shall observe and follow such orders, instructions and directions:

Provided that no such orders, instructions or directions shall be issued so as to require any designated authority to dispose of a particular case in a particular manner.

(2) Without prejudice to the generality of the foregoing power, the Central Board of Indirect Taxes and Customs may, if it considers necessary or expedient so to do, for the purpose of proper and efficient administration of the Scheme and collection of revenue, issue, from time to time, general or special orders in respect of any class of cases, setting forth directions or instructions as to the guidelines, principles or procedures to be followed by the authorities in the work relating to administration of the Scheme and collection of revenue and any such order may, if the said Board is of opinion that it is necessary in the public interest so to do, be published in the prescribed manner

Removal of difficulties

134. (1) If any difficulty arises in giving effect to the provisions of this Scheme, the Central Government may, by order, not inconsistent with the provisions of this Scheme, remove the difficulty

Provided that no such order shall be made after the expiry of a period of two years from the date on which the provisions of this Scheme come into force.

(2) Every order made under this section shall, as soon as may be after it is made, be laid before each House of Parliament.

Protection to officers.

135. (1) No suit , prosecution or other legal proceeding shall lie against the Central Government or any officer of the Central Government for anything which is done, or intended to be done in good faith, in pursuance of this Scheme or any rule made there under.

(2) No proceeding, other than a suit shall be commenced against the Central Government or any officer of the Central Government for anything done or purported to have been done in pursuance of this Scheme, or any rule made there under, without giving the Central Government or such officer a prior notice of not less than one month in writing of the intended proceeding and of the cause thereof, or after the expiration of three months from the accrual of such cause.

(3) No proceeding shall be commenced against any officer only on the ground of subsequent detection of an error in calculating the amount of duty payable by the declarant, unless there is evidence of misconduct.

CHAPTER VI
MISCELLANEOUS
PART I
AMENDMENTS TO THE RESERVE BANK OF INDIA ACT, 1934

Commencement of this Part.

136. The provisions of this Part shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

Amendment of section 45- IA

137. In the Reserve Bank of India Act, 1934 (hereafter in this Part referred to as the principal Act), in section 45-IA, in sub-section (1), for clause (b), the following shall be substituted, namely:—

“(b) having the net owned fund of twenty-five lakh rupees or such other amount, not exceeding hundred crore rupees, as the Bank may, by notification in the Official Gazette, specify:

Provided that the Bank may notify different amounts of net owned fund for different categories of non-banking financial companies.

Insertion of new sections 45-ID and 45-IE.

138. After section 45-IC of the principal Act, the following sections shall be inserted, namely:—

Power of Bank to remove directors from office.

“45-ID.(1) Where the Bank is satisfied that in the public interest or to prevent the affairs of a nonbanking financial company being conducted in a manner detrimental to the interest of the depositors or creditors, or financial stability or for securing the proper management of such company, it is necessary so to do, the Bank may, by order and for reasons to be recorded in writing, remove from office, a director (by whatever name called) of such company, other than Government owned nonbanking financial company with effect from such date as may be specified in the said order.

(2) No order under sub-section (1) shall be made unless the director concerned has been given a reasonable opportunity of making a representation to the Bank against the proposed order:

Provided that if, in the opinion of the Bank, any delay will be detrimental to the interest of the said company or its depositors, the Bank may, at the time of giving the aforesaid opportunity or at any time thereafter, by order direct that, pending the consideration of the representation, if any, the director, shall not, with effect from the date of such order––

(a) act as such director of that company;
(b) in any way, whether directly or indirectly, be concerned with or take part in the management of that company.

(3) Where any order is made in respect of a director of a company under sub-section (1), he shall cease to be a director of that non-banking financial company and shall not, in any way, whether directly or indirectly, be concerned with, or take part in the management of any non-banking financial company for such period not exceeding five years at a time as may be specified in the order.

(4) Where an order under sub-section (1) has been made, the Bank may, by order in writing, appoint a suitable person in place of the director, who has been so removed from his office, with effect from such date as may be specified in such order

(5) Any person appointed under sub-section (4) shall,—

(a) hold office during the pleasure of the Bank and subject thereto for a period not exceeding three years or such further periods not exceeding three years at a time; (b) not incur any obligation or liability by reason only of his being a director for anything done or omitted to be done in good faith in the execution of the duties of his office or in relation thereto

(6) Notwithstanding anything contained in any other law for the time being in force or in any contract, memorandum or articles of association, on the removal of a director from office under this section, such director shall not be entitled to claim any compensation for the loss or termination from office

Supersession of Board of directors of non-banking financial company (other than Government Company).

45-IE. (1) Where the Bank is satisfied that in the public interest or to prevent the affairs of a non-banking financial company being conducted in a manner detrimental to the interest of the depositors or creditors, or of the non-banking financial company (other than Government Company), or for securing the proper management of such company or for financial stability, it is necessary so to do, the Bank may, for reasons to be recorded in writing, by order, supersede the Board of Directors of such company for a period not exceeding five years as may be specified in the order, which may be extended from time to time, so, however, that the total period shall not exceed five years.

(2) The Bank may, on supersession of the Board of Directors of the non-banking financial company under sub-section (1), appoint a suitable person as the Administrator for such period as it may determine.

(3) The Bank may issue such directions to the Administrator as it may deem appropriate and the Administrator shall be bound to follow such directions.

(4) Upon making the order of supersession of the Board of Directors of a non-banking financial company,––

(a) the chairman, managing director and other directors shall from the date of supersession of the Board of Directors vacate their offices;
(b) all the powers, functions and duties, which may, by or under the provisions of this Act or any other law for the time being in force, be exercised and discharged by or on behalf of the Board of Directors of such non-banking financial company or by a resolution passed in general meeting of such non-banking financial company, shall, until the Board of Directors of such company is reconstituted, be exercised and discharged by the Administrator referred to in sub-section (2).

(5) (a) The Bank may constitute a committee consisting of three or more members who have experience in law, finance, banking, administration or accountancy to assist the Administrator in discharge of his duties.
(b) The committee shall meet at such times and places and observe such rules of procedure as may be specified by the Bank.

(6) The salary and allowances payable to the Administrator and the members of the committee constituted by the Bank shall be such as may be specified by the Bank and be paid by the concerned non-banking financial company.

(7) On or before the expiration of the period of supersession of the Board of Directors as specified in the order issued under sub-section (1), the Administrator of the non-banking financial company shall facilitate reconstitution of the Board of Directors of the non-banking financial company.

(8) Notwithstanding anything contained in any other law for the time being in force or in any contract, no person shall be entitled to claim any compensation for the loss or termination of his office.

(9) The Administrator referred to in sub-section (2) shall vacate office immediately after the Board of Directors of the non-banking financial company has been reconstituted.”

Insertion of new section 45MAA.

139. After section 45MA of the principal Act, the following section shall be inserted, namely:—

Power to take action against auditors

‘‘45MAA. Where any auditor fails to comply with any direction given or order made by the Bank under section 45MA, the Bank, may, if satisfied, remove or debar the auditor from exercising the duties as auditor of any of the Bank regulated entities for a maximum period of three years, at a time.”.

Insertion of new section 45MBA

140. After section 45MB of the principal Act, the following section shall be inserted, namely:—
‘45MBA. (1) Without prejudice to any other provision of this Act or any other law for the time being in force, the Bank may, if it is satisfied, upon an inspection of the Books of a non-banking financial company that it is in the public interest or in the interest of financial stability so to do for enabling the continuance of the activities critical to the functioning of the financial system, frame schemes which may provide for any one or more of the following, namely:––
(a) amalgamation with any other non-banking institution;

(b) reconstruction of the non-banking financial company;

(c) splitting the non-banking financial company into different units or institutions and vesting viable and non-viable businesses in separate units or institutions to preserve the continuity of the activities of that non-banking financial company that are critical to the functioning of the financial system and for such purpose establish institutions called “Bridge Institutions”.

Explanation.––For the purposes of this sub-section, “Bridge Institutions” mean temporary institutional arrangement made under the scheme referred to in this sub-section, to preserve the continuity of the activities of a non-banking financial company that are critical to the functioning of the financial system.

(2) Without prejudice to the generality of the foregoing provisions, the scheme referred to in sub-section (1) may provide for––

(a) reduction of the pay and allowances of the chief executive officer, managing director, chairman or any officer in the senior management of the non-banking financial company;

(b) cancellation of all or some of the shares of the non-banking financial company held by the chief executive officer, managing director, chairman or any officer in the senior management of the non-banking financial company or their relatives;

(c) sale of any of the assets of the non-banking financial company.

(3) The chief executive officer, managing director, chairman or any officer in the senior management of the non-banking financial company whose pay and allowances are reduced or the shareholders whose shares are cancelled under the scheme shall not be entitled to any compensation.’

Insertion of new section 45NAA.

141.After section 45NA of the principal Act, the following section shall be inserted, namely:—

Power in respect of group companies

“45NAA. (1) The Bank may, at any time, direct a non-banking financial company to annex to its financial statements or furnish separately, within such time and at such intervals as may be specified by the Bank, such statements and information relating to the business or affairs of any group company of the non-banking financial company as the Bank may consider necessary or expedient to obtain for the purposes of this Act

(2) Notwithstanding anything to the contrary contained in the Companies Act, 2013, the Bank may, at any time, cause an inspection or audit to be made of any group company of a non-banking financial company and its books of account

Explanation.––For the purposes of this section,––

(a) “group company” shall mean an arrangement involving two or more entities related to each other through any of the following relationships, namely:––

(i) subsidiary— parent (as may be notified by the Bank in accordance with Accounting Standards);

(ii) joint venture (as may be notified by the Bank in accordance with Accounting Standards)\

(iii) associate (as may be notified by the Bank in accordance with Accounting Standards);

(iv) promoter-promotee (under the Securities and Exchange Board of India Act, 1992 or the rules or regulations made thereunder for listed companies);

(v) related party

(vi) common brand name (that is usage of a registered brand name of an entity by another entity for business purposes); and

(vii) investment in equity shares of twenty per cent. and above in the entity;

(b) “Accounting Standards” means the Accounting Standards notified by the Central Government under section 133, read with section 469 of the Companies Act, 2013 and subsection (1) of section 210A of the Companies Act, 1956.”.

Amendment of section 58B.

142. In section 58B of the principal Act,––
(i) in sub-section (2), for the words “two thousand rupees” and “one hundred rupees”, the words “one lakh rupees” and “five thousand rupees” shall respectively be substituted;

(ii) in sub-section (4A), for the words “five lakh rupees”, the words “twenty-five lakh rupees” shall be substituted;

(iii) in sub-section (4AA), for the words “five thousand rupees”, the words “ten lakh rupees” shall be substituted;

(iv) in sub-section (4AAA), for the words “rupees fifty”, the words “five thousand rupees” shall be substituted;

(v) in sub-section (5),––
(A) in clause (a), for the words “any deposit”, the words “any deposit without being authorised so to do or” shall be substituted;
(B) in clause (b), for the word, figures and letters “section 45NA”, the word, figures and letter “section 45J” shall be substituted;

(vi) in sub-section (6), for the words “two thousand rupees” and “one hundred rupees”, the words “one lakh rupees” and “ten thousand rupees” shall respectively be substituted.

Amendment of section 58G.

143. In section 58G of the principal Act, in sub-section (1),—
(A) in clause (a) for the words ‘‘five thousand’’, the words ‘‘twenty-five thousand ’’ shall be substituted;
(B) in clause (b) for the words ‘‘five lakh’’ and ‘‘twenty-five thousand’’, the words ‘‘ten lakh’’ and ‘‘one lakh’’ respectively shall be substituted

PART II
AMENDMENT TO THE INSURANCE ACT, 1938

Amendment of Act 4 of 1938.

144. In the Insurance Act, 1938, in section 6, after sub-section (2), the following sub-section shall be inserted, namely:––

“(3) No insurer, being a foreign company engaged in re-insurance business through a branch established in an International Financial Services Centre referred to in sub-section (1) of section 18 of the Special Economic Zones Act, 2005, shall be registered unless it has net owned funds of not less than rupees one thousand crore.”.

PART III
AMENDMENTS TO THE SECURITIES CONTRACTS (REGULATION) ACT, 1956

Commencement of this Part.

145. The provisions of this Part shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

Amendment of Act 42 of 1956

146. In the Securities Contracts (Regulation) Act, 1956, in section 23A, in clause (a), for the words “report to a recognised stock exchange, fails to furnish the same within the time specified therefor in the listing agreement or conditions or bye-laws of the recognised stock exchange or who furnishes”, the words “report to a recognised stock exchange or to the Board, fails to furnish the same within the time specified therefor in the listing agreement or conditions or bye-laws of the recognised stock exchange or the Act or rules made thereunder, or who furnishes” shall be substituted.

PART IV

AMENDMENTS TO THE BANKING COMPANIES
(ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970

Commencement of this Part

147. The provisions of this Part shall come into force on such date as the Central Government may,
by notification in the Official Gazette, appoint.

Amendment of Act 5 of 1970.

148. In the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, in section 9, in sub-section (3), for clause (a), the following clause shall be substituted, namely:—
‘(a) not more than five whole-time directors to be appointed by the Central Government after consultation with the Reserve Bank:
Provided that the Central Government, may, after consultation with the Reserve Bank, by notification published in the Official Gazette, post a whole-time director so appointed to any other corresponding new bank.

Explanation.—For the purposes of this clause, the expression “corresponding new bank” shall include a “corresponding new bank” as defined in clause (b) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980;’.

PART V
AMENDMENTS TO THE GENERAL INSURANCE BUSINESS
(NATIONALISATION) ACT, 1972

Amendment of Act 57 of 1972.

149. In the General Insurance Business (Nationalisation) Act, 1972, in section 16, in sub-section (2), for the words “only four companies”, the words “up to four companies” shall be substituted.

PART VI
AMENDMENTS TO THE BANKING COMPANIES
(ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1980

Commencement of this Part.

150. The provisions of this Part shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

Amendment of Act 40 of 1980.

151. In the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, in section 9, in sub-section (3), for clause (a), the following clause shall be substituted, namely:—

‘(a) not more than five whole-time directors to be appointed by the Central Government after consultation with the Reserve Bank:

Provided that the Central Government, may, after consultation with the Reserve Bank, by notification published in the Official Gazette, post a whole-time director so appointed to any other corresponding new bank.

Explanation.— For the purposes of this clause, the expression “corresponding new bank” shall include a “corresponding new bank” as defined in clause (d) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970;’.

PART VII
AMENDMENTS TO THE NATIONAL HOUSING BANK ACT, 1987

Commencement of this Part.
152. The provisions of this Part shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

Substitution of heading of Chapter V

153. In the National Housing Bank Act, 1987 (hereafter in this Part referred to as the principal Act), in Chapter V, for the heading, the following heading shall be substituted, namely:—
“PROVISIONS RELATING TO HOUSING FINANCE INSTITUTIONS”

Amendment of section 29A.

154. In section 29A of the principal Act,—
(a) for sub-sections (1) and (2), the following sub-sections shall be substituted, namely:—
“(1) Notwithstanding anything contained in this Chapter or in any other law for the time being in force, no housing finance institution which is a company shall commence housing finance as its principal business or carry on the business of housing finance as its principal business without—

(a) obtaining a certificate of registration issued under this Chapter; and
(b) having the net owned fund of ten crore rupees or such other higher amount, as the Reserve Bank may, by notification, specify.

(2) Every housing finance institution which is a company shall make an application for registration to the Reserve Bank in such form as may be specified by the Reserve Bank: Provided that an application made by a housing finance institution which is a company to the National Housing Bank and pending for consideration with the National Housing Bank as on the date of commencement of the provisions of Part VII of Chapter VI of the Finance (No.2) Act, 2019, shall stand transferred to the Reserve Bank and thereupon the application shall be deemed to have been made under the provisions of this sub-section and shall be dealt with accordingly:

Provided further that the provisions of this sub-section shall not apply to the housing finance institution which is a company and having a valid registration certificate granted under sub-section (5) on the date of commencement of the provisions of Part VII of Chapter VI of the Finance (No.2) Act, 2019, and such housing finance institution shall be deemed to have been granted a certificate of registration under the provision of this Act.”;

(b) sub-section (3) shall be omitted;
(c) in sub-section (4),—
(i) for the words “National Housing Bank” at both the places where they occur, the words “Reserve Bank” shall be substituted;
(ii) after clause (g), the following proviso shall be inserted, namely:––
“Provided that the Reserve Bank may, wherever it considers necessary so to do, require the National Housing Bank to inspect the books of such housing finance institution and submit a report to the Reserve Bank for the purpose of considering the application.”;
(d) in sub-section (5), for the words “National Housing Bank”, the words “Reserve Bank” shall be substituted;
(e) in sub-section (6),—
(i) in the opening portion, for the words “National Housing Bank”, the words “Reserve Bank” shall be substituted;
(ii) in clause (iv), for the words “National Housing Bank” wherever they occur, the words “Reserve Bank or the National Housing Bank” shall be substituted;
(iii) in the first proviso,—
(A) for the words “housing finance institution” at both the places where they occur, the words “housing finance institution which is a company” shall be substituted;
(B) for the words “National Housing Bank” at both the places where they occur, the words “Reserve Bank” shall be substituted;
(f) in sub-section (7),––
    (i) for the words “National Housing Bank”, the words “Reserve Bank” shall be substituted;
    (ii) in the Explanation,–– (A) in clause (I), in sub-clause (b), in item (1), for sub-item (iii), the following sub-item shall be substituted, namely:—
    “(iii) all other housing finance companies; and”;
    (B) for clause (II), the following clause shall be substituted, namely:––
    ‘(II) the expressions “subsidiaries” and “companies in the same group” shall have the meanings respectively assigned to them in the Companies Act, 2013:

Provided that the National Housing Bank shall, in consultation with the Reserve Bank, specify the companies to be deemed to be in the same group.’.

Amendment of section 29B.

155. In section 29B of the principal Act,—
(i) for the words “housing finance institution” wherever they occur, the words “housing finance
institution which is a company” shall be substituted;

(ii) in sub-section (1), for the words “National Housing Bank”, the words “Reserve Bank” shall be substituted;

(iii) in sub-section (2), for the words “such higher percentage not exceeding twenty-five per cent., as the National Housing Bank may”, the words “such higher percentage not exceeding twenty-five per cent., as the Reserve Bank may” shall be substituted;

(iv) in sub-section (3), for the words “National Housing Bank” at both the places where they occur, the words “Reserve Bank” shall be substituted.

Amendment of section 29C

156. In section 29C of the principal Act, in sub-section (2),––
(a) for the words “specified by the National Housing Bank”, the words “specified by the Reserve Bank” shall be substituted;
(b) for the words “reported to the National Housing Bank”, the words “reported to the National Housing Bank and the Reserve Bank” shall be substituted;
(c) in the proviso, for the words “Provided that the National Housing Bank”, the words “Provided that the National Housing Bank or the Reserve Bank” shall be substituted;
(d) in sub-section (3), for the words “the National Housing Bank”, the words “the Reserve Bank” shall be substituted.

Substitution of section 30.

Reserve Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money

157. For section 30 of the principal Act, the following section shall be substituted, namely:—
“30. The Reserve Bank may, if it considers necessary in the public interest so to do, by general or special order,—
(a) regulate or prohibit the issue by any housing finance institution which is a company of any prospectus or advertisement soliciting deposits of money from the public; and
(b) specify the conditions subject to which any such prospectus or advertisement, if not prohibited, may be issued.

Substitution of section 30A

Power of Reserve Bank to determine policy and issue directions.

158. For section 30A of the principal Act, the following section shall be substituted, namely:—

“30A. (1) If the Reserve Bank is satisfied that, in the public interest or to regulate the housing finance system of the country to its advantage or to prevent the affairs of any housing finance institution which is a company being conducted in a manner detrimental to the interest of the depositors or in a manner prejudicial to the interest of such housing finance institutions, it is necessary or expedient so to do, it may determine the policy and give directions to all or any of the housing finance institution which is a company relating to income recognition, accounting standards, making of proper provision for bad and doubtful debts, capital adequacy based on risk weights for assets and credit conversion factors for off balance-sheet items and also relating to deployment of funds by a housing finance institution which is a company or a group of such housing finance institutions or housing finance institutions which are companies generally, as the case may be, and such housing finance institutions shall be bound to follow the policy so determined and the direction so issued.

(2) Without prejudice to the generality of the powers vested under sub-section (1), the Reserve Bank may give directions to housing finance institutions which are companies generally or to a group of such housing finance institutions or to any housing finance institution which is a company in particular as to—
(a) the purpose for which advances or other fund-based or non-fund-based accommodation may not be made; and
(b) the maximum amount of advances or other financial accommodation or investment in shares and other securities which, having regard to the paid-up capital, reserves and deposits of the housing finance institution and other relevant considerations, may be made by that housing finance institution to any person or a company or to a group of companies.

(3) The Reserve Bank may, if it considers necessary in the public interest so to do, issue directions to housing finance institutions which are companies accepting deposits referred to in section 31, either generally or to any group of such housing finance institutions accepting deposits, and in particular, in respect of any matters relating to, or connected with, the receipt of deposits, including credit rating of the housing finance institution which is a company accepting deposits, the rates of interest payable on such deposits, and the periods for which deposits may be received.

(4) If any housing finance institution which is a company accepting deposits fails to comply with any direction issued under sub-section (3), the Reserve Bank may, by order, prohibit the acceptance of deposits by that housing finance institution.”.

Substitution of section 31

159. For section 31 of the principal Act, the following section shall be substituted, namely:—

Power of National Housing Bank to collect information from housing finance institutions as to deposits

For section 31 of the principal Act, the following section shall be substituted, namely:—
“31. (1) The National Housing Bank may at any time direct that every housing finance institution which is a company accepting deposits shall furnish to the National Housing Bank and the Reserve Bank in such form, at such intervals and within such time, such statements, information or particulars relating to or connected with deposits received by such housing finance institution, as may be specified by the National Housing Bank by general or special order.

(2) Without prejudice to the generality of the power vested in the National Housing Bank under sub-section (1), the statements, information or particulars to be furnished under sub-section (1), may relate to all or any of the following matters, namely, the amount of the deposits, the purposes and periods for which, and the rates of interest and other terms and conditions on which, such deposits are received.

(3) Every housing finance institution which is a company receiving deposits, shall, if so required by the National Housing Bank and within such time as the National Housing Bank may specify, cause to be sent at the cost of such housing finance institution, a copy of its annual balance-sheet and profit and loss account or other annual accounts to every person from whom the housing finance institution which is a company holds, as on the last day of the year to which the accounts relate, deposits higher than such sum as may be specified by the National Housing Bank.”.

Substitution of section 32

159. For section 32 of the principal Act, the following section shall be substituted, namely:—
“32. Every housing finance institution which is a company shall furnish the statements, information or particulars called for by the National Housing Bank or the Reserve Bank, as the case may be, and shall comply with any direction given to it under the provisions of this Chapter.”

Amendment of section 33.

160. In section 33 of the principal Act,—
(a) in sub-section (1),—
(i) for the words “housing finance institution” wherever they occur, the words “housing finance institution which is a company” shall be substituted;
(ii) for the words “the National Housing Bank” at both the places where they occur, the words “the National Housing Bank and the Reserve Bank “ shall be substituted;
(b) in sub-section (1A), for the words “National Housing Bank”, the words “Reserve Bank” shall be substituted;
(c) in sub-section (2), for the words “the National Housing Bank” at both the places where they occur, the words “the National Housing Bank and the Reserve Bank” shall be substituted;
(d) in sub-section (3), for the words “it may at any time”, the words “it may at any time and shall,on being directed to do so by the Reserve Bank,” shall be substituted

Substitution of section 33A.

Power of Reserve Bank to prohibit acceptance of deposit and alienation of assets.

162.“33A. (1) If any housing finance institution which is a company violates the provisions of any section or fails to comply with any direction or order given by the National Housing Bank or the Reserve Bank, under any of the provisions of this Chapter, the Reserve Bank may, by order, prohibit such housing finance institution from accepting any deposit.

(2) Notwithstanding anything to the contrary contained in any agreement or instrument or any law for the time being in force, the Reserve Bank on being satisfied that it is necessary so to do in the public interest or in the interest of the depositors, may direct the housing finance institution which is a company, against which an order prohibiting from accepting deposit has been issued, not to sell, transfer, create charge or mortgage or deal in any manner with its property and assets without prior written permission of the National Housing Bank for such period not exceeding six months from the date of the order.”.

Amendment of section 33B.

163. In section 33B of the principal Act,—
(i) in sub-section (1), in clause (c), for the words “the National Housing Bank”, the words “the National Housing Bank or the Reserve Bank” shall be substituted;
(ii) in sub-section (3), for the words “the Registrar of Companies”, the words “the Registrar of Companies and the Reserve Bank” shall be substituted

Amendment of section 34.

164. In section 34 in the principal Act,—
(i) for the words “at any time”, the words “at any time or on being directed so to do by the Reserve Bank, shall” shall be substituted;
(ii) for the words “housing finance institution accepting deposits” at both the places where they occur, the words “housing finance institution which is a company” shall be substituted;
(iii) after sub-section (3), the following sub-section shall be inserted, namely:—
“(4) The National Housing Bank shall submit a copy of the report of inspection referred to in sub-section (1) to the Reserve Bank.”.

Amendment of section 35.

165. In section 35 of the principal Act,—
(i) in the opening portion, for the words “housing finance institution”, the words “housing finance institution which is a company” shall be substituted;
(ii) in clause (b), for the words “National Housing Bank”, the words “Reserve Bank” shall be substituted.

Amendment of section 35A.

166. In section 35A of the principal Act,—
(a) for the words “housing finance institution” wherever they occur, the words “housing finance institution which is a company” shall be substituted;
(b) for the words “the National Housing Bank” wherever they occur, the words “the National Housing Bank or the Reserve Bank, as the case may be,” shall be substituted

Substitution of section 35B

167. For section 35B of the principal Act, the following section shall be substituted, namely:—
“35B. (1) The Reserve Bank, on being satisfied that it is necessary so to do, may declare by notification that all or any of the provisions of this Chapter shall not apply to a housing finance institution which is a company or a group of such housing finance institutions either generally or for such period as may be specified, subject to such conditions, limitations or restrictions as it may think fit to impose.
(2) Every notification made under this section shall be laid, as soon as may be after it is made, before each House of Parliament.”

Amendment of section 44.

168. In section 44 of the principal Act, in sub-section (1), for the words “National Housing Bank” at both the places where they occur, the words “National Housing Bank or the Reserve Bank, as the case may be,” shall be substituted.

Amendment of section 46

169. In section 46 of the principal Act, for the words “the National Housing Bank” wherever they occur, the words “the National Housing Bank or the Reserve Bank” shall be substituted.

Amendment of section 49.

170. In section 49 of the principal Act,—
(a) in sub-section (2B), for the words “the National Housing Bank”, the words “the National Housing Bank or the Reserve Bank” shall be substituted;
(b) in sub-section (2C), for the words “any order made by the authorised officer”, the words “any order made by the National Company Law Tribunal” shall be substituted;
(c) in sub-section (3), in clause (aa), for the words “the National Housing Bank”, the words “the National Housing Bank or the Reserve Bank” shall be substituted.

Amendment of section 51.

171. In section 51 of the principal Act, for the words “the National Housing Bank,” wherever they occur, the words “the National Housing Bank or the Reserve Bank” shall be substituted

Substitution of section 52A.

172. For section 52A of the principal Act, the following section shall be substituted, namely:—

Power of National Housing Bank and Reserve Bank to impose fine.

“52A.(1) Notwithstanding anything contained in section 49, if the contravention or default of the
nature referred to in the said section is committed by a housing finance institution which is a company,
the National Housing Bank or the Reserve Bank, as the case may be, may impose on such company—
(a) a penalty not exceeding five thousand rupees; or
(b) where the contravention or default is under sub-section (2A) or clause (a) or clause (aa) of sub-section (3) of that section, a penalty not exceeding five lakh rupees or twice the amount involved in such contravention or default, where the amount is quantifiable, whichever is more; and where such contravention or default is a continuing one, further penalty which may extend to twenty-five thousand rupees for every day, after the first, during which the contravention or default continues.

(2) For the purpose of imposing penalty under sub-section (1), the National Housing Bank or the Reserve Bank, as the case may be, shall serve a notice on the housing finance institution which is a company requiring it to show cause why the amount specified in the notice should not be imposed as a penalty and a reasonable opportunity of being heard shall also be given to such housing finance institution.

(3) Any penalty imposed by the National Housing Bank or the Reserve Bank, as the case may be, under this section shall be payable within a period of thirty days from the date on which notice issued by the National Housing Bank or the Reserve Bank, as the case may be, demanding payment of the sum is served on the housing finance institution which is a company and, in the event of failure of such housing finance institution to pay the sum within such period, may be levied on a direction made by the principal civil court having jurisdiction in the area where the registered office or the head office of such housing finance institution is situated:
Provided that no such direction shall be made, except on an application made by an officer of the National Housing Bank or the Reserve Bank, as the case may be, authorised in this behalf, to the principal civil court.

(4) The court which makes a direction under sub-section (3), shall issue a certificate specifying the sum payable by the housing finance institution which is a company and every such certificate shall be enforceable in the same manner as if it were a decree made by the court in a civil suit.

(5) No complaint shall be filed against any housing finance institution which is a company in any court of law pertaining to any contravention or default in respect of which any penalty has been imposed by the National Housing Bank or the Reserve Bank, as the case may be, under this section.

(6) Where any complaint has been filed against a housing finance institution which is a company in a court in respect of contravention or default of the nature referred to in section 49, no proceedings for imposition of penalty against such housing finance institution shall be taken under this section.”.

PART VIII
AMENDMENTS TO THE PROHIBITION OF BENAMI PROPERTY
TRANSACTIONS ACT, 1988

Amendment of section 23.

173. In the Prohibition of Benami Property Transactions Act, 1988 (hereafter in this Part referred to as the principal Act), in section 23, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of November, 2016, namely:––
“Explanation.––For the removal of doubts, it is hereby clarified that nothing contained in this section shall apply and shall be deemed to have ever applied where a notice under sub-section (1) of section 24 has been issued by the Initiating Officer.”.

Amendment of section 24

174. In section 24 of the principal Act, with effect from the 1st day of September, 2019,—
(a) in sub-section (3), for the words, brackets and figure “from the date of issue of notice under sub-section (1)”, the words, brackets and figure “from the last day of the month in which the notice under sub-section (1) is issued” shall be substituted;

(b) in sub-section (4), for the words, brackets and figure “from the date of issue of notice under sub-section (1)”, the words, brackets and figure “from the last day of the month in which the notice under sub-section (1) is issued” shall be substituted;

(c) the following Explanation shall be inserted, namely:-—
“Explanation.––For the purposes of this section, in computing the period of limitation, the period during which the proceeding is stayed by an order or injunction of any court shall be excluded:

Provided that where immediately after the exclusion of the aforesaid period, the period of limitation referred to in sub-section (4) available to the Initiating Officer for passing order of attachment is less than thirty days, such remaining period shall be deemed to be extended to thirty days:
Provided further that where immediately after the exclusion of the aforesaid period, the period

of limitation referred to in sub-section (5) available to the Initiating Officer to refer the order of attachment to Adjudicating Authority is less than seven days, such remaining period shall be deemed to be extended to seven days.”.

Amendment of section 26.

175. In section 26 of the principal Act, in sub-section (7), with effect from the 1st day of September, 2019, the following Explanation shall be inserted, namely:-—

“Explanation.—For the purposes of this sub-section, in computing the period of limitation, the period during which the proceeding is stayed by an order or injunction of any court shall be excluded:
Provided that where immediately after the exclusion of the aforesaid period, the period of limitation available to the Adjudicating Authority for passing order is less than sixty days, such remaining period shall be deemed to be extended to sixty days.”

Amendment of section 30

176. In section 30 of the principal Act, for the words "the Adjudicating Authority", the words "any authority" shall be substituted with effect from the 1st day of September, 2019

Amendment of section 46.
177. In section 46 of the principal Act, with effect from the 1st day of September, 2019,—

(a) after sub-section (1), the following sub-section shall be inserted, namely:—

"(1A) Any person aggrieved by an order passed by the authority under section 54A may prefer an appeal in such form along with such fees, as may be prescribed, to the Appellate Tribunal against the said order within a period of forty-five days from the date of that order.";

(b) in sub-section (3), after the word, brackets and figure "sub-section (1)," the words, brackets, figure and letter "or sub-section (1A)" shall be inserted.

Amendment of section 47
178. In section 47 of the principal Act, for sub-section (1), the following sub-section shall be substituted with effect from the 1st day of September, 2019, namely:—
"(1) The Appellate Tribunal or any authority may, in order to rectify any mistake apparent on the face of the record, amend any order passed by it under the provisions of this Act, within a period of one year from the end of the month in which such order was passed."

Insertion of new sections 54A and 54B. Penalty for failure to comply with notices or furnish information.

179. In the principal Act, after section 54, the following sections shall be inserted with effect from the
1st day of September, 2019, namely:—

“54A. (1) Any person who fails to,––
            (i) comply with summons issued under sub-section (1) of section 19; or
            (ii) furnish information as required under section 21, shall be liable to pay penalty of twenty-five thousand rupees for each such failure.
    (2) The penalty under sub-section (1) shall be imposed by the authority who had issued the summons or called for the information.
    (3) No order under sub-section (2) shall be passed by the authority unless the person on whom the penalty is to be imposed has been given an opportunity of being heard:
Provided that no penalty shall be imposed if, such person proves that there were good and sufficient reasons which prevented him from complying with the summons or furnishing information.

54B. The entries in the records or other documents in the custody of an authority shall be admitted in evidence in any proceedings for the prosecution of any person for an offence under section 3 or this Chapter, as the case may be, and all such entries may be proved either by––
    (i) the production of the records or other documents in the custody of the authority containing such entries; or
    (ii) the production of a copy of the entries certified by the authority having custody of the records or other documents under its signature stating that it is a true copy of the original entries and that such original entries are contained in the records or other documents in its custody.”

Amendment of section 55.

180. In section 55 of the principal Act, with effect from the 1st day of September, 2019,—
(i) for the word “Board”, the words “competent authority” shall be substituted;
(ii) the following Explanation shall be inserted, namely:––
‘Explanation.––For the purposes of this section, “competent authority” means a Commissioner, a Director, a Principal Commissioner of Income-tax or a Principal Director of Income-tax as defined in clause (16), clause (21), clause (34B) and clause (34C), respectively, of section 2 of the Income-tax Act, 1961.’

PART IX

AMENDMENTS TO THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

Commencement of this Part

181. The provisions of this Part shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint

Amendment of section 14.

182. In the Securities and Exchange Board of India Act, 1992 (hereafter in this Part referred to as the principal Act), in section 14,—

(i) in sub-section (2), after clause (c), the following clause shall be inserted, namely:-

"(d) the capital expenditure, as per annual capital expenditure plan approved by the Board and the Central Government.";

(ii) after sub-section (2), the following sub-sections shall be inserted, namely:—

"(3) The Board shall constitute a Reserve Fund and twenty-five per cent. of the annual surplus of the General Fund in any year shall be credited to such Reserve Fund and such fund shall not exceed the total of annual expenditure of preceding two financial years.

(4) After incurring all the expenses referred to in sub-section (2) and transfer to Reserve Fund as specified in sub-section (3), the surplus of the General Fund shall be transferred to the Consolidated Fund of India."

Amendment of section 15C.

183. In section 15C of the principal Act, after the words "after having been called upon by the Board in writing", the words "including by any means of electronic communication" shall be inserted.

Amendment of section 15F.

184. In section 15F of the principal Act, in sub-clause (a), after the words "one lakh rupees but which may extend to", the words "one crore rupees" shall be inserted

Insertion of new section 15HAA.

Penalty for alteration, destruction, etc., of records and failure to protect the electronic database of Board.

185. After section 15HA of the principal Act, the following section shall be inserted, namely:-
‘15HAA. Any person, who—
(a) knowingly alters, destroys, mutilates, conceals, falsifies, or makes a false entry in any information, record, document (including electronic records), which is required under this Act or any rules or regulations made thereunder, so as to impede, obstruct, or influence the investigation, inquiry, audit, inspection or proper administration of any matter within the jurisdiction of the Board.

Explanation.— For the purposes of this clause, a person shall be deemed to have altered, concealed or destroyed such information, record or document, in case he knowingly fails to immediately report the matter to the Board or fails to preserve the same till such information continues to be relevant to any investigation, inquiry, audit, inspection or proceeding, which may be initiated by the Board and conclusion thereof;

(b) without being authorised to do so, access or tries to access, or denies of access or modifies access parameters, to the regulatory data in the database;

(c) without being authorised to do so, downloads, extracts, copies, or reproduces in any form the regulatory data maintained in the system database;

(d) knowingly introduces any computer virus or other computer contaminant into the system database and brings out a trading halt;

(e) without authorisation disrupts the functioning of system database;

(f) knowingly damages, destroys, deletes, alters, diminishes in value or utility, or affects by any means, the regulatory data in the system database; or

(g) knowingly provides any assistance to or causes any other person to do any of the acts specified in clauses (a) to (f), shall be liable to a penalty which shall not be less than one lakh rupees but which may extend to ten crore rupees or three times the amount of profits made out of such act, whichever is higher.

Explanation.—In this section, the expressions "computer contaminant", "computer virus" and "damage" shall have the meanings respectively assigned to them under section 43 of the Information Technology Act, 2000.

PART X

AMENDMENTS TO THE CENTRAL ROAD AND INFRASTRUCTURE FUND ACT, 2000

Amendment of section 10

186. In the Central Road and Infrastructure Fund Act, 2000 (hereafter in this Part referred to as the principal Act), in section 10, in sub-section (1),––

(a) for clause (iv), the following clause shall be substituted, namely:––
“(iv) formulation of criteria for allocation of funds for development and maintenance of State road projects including the projects of inter-State and economic importance;”;

(b) clauses (v) and (vii) shall be omitted.

Amendment of section 11.

187. In section 11 of the principal Act, for sub-section (1), the following sub-section shall be substituted, namely:––

“(1) The share of the Fund to be spent on development and maintenance of State roads, based on the criteria formulated under clause (iv) of sub-section (1) of section 10, shall be allocated in such manner as may be finalised by the Committee referred to in section 7A.”

Amendment of section 12

188. In section 12 of the principal Act, in sub-section (2), clause (c) shall be omitted.

PART XI
AMENDMENT TO THE FINANCE ACT, 2002

Amendment of Act 20 of 2002.

189. In the Finance Act, 2002, in the Eighth Schedule,––
(a) against Item No. 1, for the entry in column (3), the entry “Rs.10 per litre” shall be substituted;
(b) against Item No. 2, for the entry in column (3), the entry “Rs.4 per litre” shall be substituted.

PART XII
AMENDMENT TO THE UNIT TRUST OF INDIA (TRANSFER OF UNDERTAKING AND REPEAL) ACT, 2002

Amendment of Act 58 of 2002

190. In the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, in section 13, in subsection (1), for the words, figures and letters “the 31st day of March, 2019”, the words, figures and letters “the 31st day of March, 2021” shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2019.

PART XIII
AMENDMENTS TO THE PREVENTION OF MONEY-LAUNDERING ACT, 2002

Commencement of this Part

191. Clause (iii) of section 187, sections 187A, 190A, 190B, 190C and 190D shall come into force from the 1st day of August, 2019

Amendment of section 2

192. In the Prevention of Money-laundering Act, 2002 (hereafter in this Part referred to as the principal Act), in section 2, in sub-section (1),––
(i) in clause (n), in sub-clause (i), the word “sub-broker,” shall be omitted;

(ii) in clause (sa), for sub-clause (ii), the following sub-clause shall be substituted, namely:––
‘‘(ii) Inspector-General of Registration appointed under section 3 of the Registration Act, 1908 as may be notified by the Central Government;’

(iii) in clause (u), the following Explanation shall be inserted, namely:—

'Explanation.—For the removal of doubts, it is hereby clarified that "proceeds of crime" include property not only derived or obtained from the scheduled offence but also any property which may directly or indirectly be derived or obtained as a result of any criminal activity relatable to the scheduled offence;'

Amendment of section 3

193. In section 3 of the principal Act, the following Explanation shall be inserted, namely:—

‘‘Explanation.—For the removal of doubts, it is hereby clarified that,—

(i) a person shall be guilty of offence of money-laundering if such person is found to have directly or indirectly attempted to indulge or knowingly assisted or knowingly is a party or is actually involved in one or more of the following processes or activities connected with proceeds of crime, namely:—

(a) concealment; or
(b) possession; or
(c) acquisition; or
(d) use; or
(e) projecting as untainted property; or
(f) claiming as untainted property,

in any manner whatsoever;

(ii) the process or activity connected with proceeds of crime is a continuing activity and continues till such time a person is directly or indirectly enjoying the proceeds of crime by its concealment or possession or acquisition or use or projecting it as untainted property or claiming it as untainted property in any manner whatsoever.".

Amendment of section 12A

194. In section 12A of the principal Act, in sub-section (1), for the words, brackets and figures “sub-section (1) of section 12”, the words, figures, letters and brackets “section 11A, sub-section (1) of section 12, sub-section (1) of section 12AA” shall be substituted

Insertion of new section 12AA.

195. After section 12A of the principal Act, the following section shall be inserted, namely:––
‘12AA. (1) Every reporting entity shall, prior to the commencement of each specified transaction,—
(a) authenticate the identity of the clients undertaking such specified transaction in such manner and subject to such conditions as may be prescribed;

(b) take additional steps to examine the ownership and financial position, including sources of funds of the client, in such manner as may be prescribed;

(c) take additional steps as may be prescribed to record the purpose behind conducting the specified transaction and the intended nature of the relationship between the transaction parties.

(2) Where the client fails to fulfil the conditions laid down under sub-section (1), the reporting entity shall not allow the specified transaction to be carried out.

(3) Where any specified transaction or series of specified transactions undertaken by a client is considered suspicious or likely to involve proceeds of crime, the reporting entity shall increase the future monitoring of the business relationship with the client, including greater scrutiny or transactions in such manner as may be prescribed.

Explanation.––For the purpose of this section, “authentication” means the process as defined under sub-section (c) of section 2 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.

(4) The information obtained while applying the enhanced due diligence measures under subsection (1) shall be maintained for a period of five years from the date of transaction between a client and the reporting entity.’.

Amendment of section 15.

196. In section 15 of the principal Act, for the words, brackets and figures “sub-section (1) of section 12”, the words, figures, letters and brackets “section 11A, sub-section (1) of section 12 and subsection (1) of section 12AA” shall be substituted.

Amendment of section 17.

197. In section 17 of the principal Act, in sub-section (1), the proviso shall be omitted.

Amendment of section 18.

198. In section 18 of the principal Act, in sub-section (1), the proviso shall be omitted.

Amendment of section 44.

199. In section 44 of the principal Act, in sub-section (1),—

(i) after clause (b), the following proviso shall be inserted, namely:—

"Provided that after conclusion of investigation, if no offence of moneylaundering is made out requiring filing of such complaint, the said authority shall submit a closure report before the Special Court; or";

(ii) after clause (d), the following Explanation shall be inserted, namely:—

"Explanation.—For the removal of doubts, it is clarified that,—
(i) the jurisdiction of the Special Court while dealing with the offence under this Act, during investigation, enquiry or trial under this Act, shall not be dependent upon any orders passed in respect of the scheduled offence, and the trial of both sets of offences by the same court shall not be construed as joint trial;

(ii) the complaint shall be deemed to include any subsequent complaint in respect of further investigation that may be conducted to bring any further evidence, oral or documentary, against any accused person involved in respect of the offence, for which complaint has already been filed, whether named in the original complaint or not.".

Amendment of section 45.

200. In section 45 of the principal Act, after sub-section (2), the following Explanation shall be inserted, namely:—

‘Explanation.—For the removal of doubts, it is clarified that the expression "Offences to be cognizable and non-bailable" shall mean and shall be deemed to have always meant that all offences under this Act shall be cognizable offences and non-bailable offences notwithstanding anything to the contrary contained in the Code of Criminal Procedure, 1973, and accordingly the officers authorised under this Act are empowered to arrest an accused without warrant, subject to the fulfilment of conditions under section 19 and subject to the conditions enshrined under this section.'.

Insertion of new section 72A.

201. After section 72 of the principal Act, the following section shall be inserted, namely:–

“72A. The Central Government may by notification constitute an Inter-ministerial Co-ordination
Committee for inter-departmental and inter-agency co-ordination for the following purposes, namely:—
(a) operational co-operation between the Government, law enforcement agencies, the Financial Intelligence Unit, India and the regulators or supervisors;
(b) policy co-operation and co-ordination across all relevant or competent authorities;
(c) such consultation among the concerned authorities, the financial sector and other sectors, as are appropriate, and are related to anti money-laundering or countering the financing of terrorism laws, regulations and guidelines;
(d) development and implementing policies on anti money-laundering or countering the financing of terrorism; and
(e) any other matter as the Central Government may, by notification, specify in this behalf.”.

Amendment of section 73.

202. In section 73 of the principal Act, in sub-section (2), after clause (jj), the following clauses shall be inserted, namely:––
“(jja) the manner and the conditions in which authentication of the identity of clients shall be verified by the reporting entities under clause (a) of sub-section (1) of section 12AA;
(jjb) the manner of identifying the ownership and financial position of the client under clause (b) of sub-section (1) of section 12AA;
(jjc) additional steps to record the purpose behind conducting the specified transaction and the intended nature of the relationship between the transaction parties under clause (c) of sub-section (1) of section 12AA; (jjd) manner of increasing the future monitoring under sub-section (3) of section 12AA.’’.

PART XIV
AMENDMENT TO THE FINANCE (NO. 2) ACT, 2004

Amendment of Act 23 of 2004.

203. In section 99 of the Finance (No. 2) Act, 2004, with effect from the 1st day of September, 2019,––
(I) in clause (a), in sub-clause (ii), for the words “settlement price”, the words “intrinsic value” shall be substituted;
(II) after the proviso, the following Explanation shall be inserted, namely:––
‘Explanation.–– For the purposes of this section, the expression “intrinsic value” means the difference between the settlement price and the strike price.’.

PART XV
AMENDMENT TO THE PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007

Amendment of Act 51 of 2007.

204. In the Payment and Settlement Systems Act, 2007, after section 10, the following section shall be inserted with effect from the 1st day of November, 2019, namely:––

“10A. Notwithstanding anything contained in this Act, no bank or system provider shall impose any charge upon anyone, either directly or indirectly, for using the electronic modes of payment prescribed under section 269SU of the Income-tax Act, 1961.”

PART XVI
AMENDMENTS TO THE BLACK MONEY (UNDISCLOSED FOREIGN
INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015

Amendment of section 2

205. In the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (hereafter in this Part referred to as the principal Act), in section 2, for clause (2), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 2015, namely:––
‘(2) “assessee” means a person,––

(a) being a resident in India within the meaning of section 6 of the Income-tax Act, 1961 in the previous year; or

(b) being a non-resident or not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act 1961 in the previous year, who was resident in India either in the previous year to which the income referred to in section 4 relates; or in the previous year in which the undisclosed asset located outside India was acquired:

Provided that the previous year, in case of acquisition of undisclosed asset outside India, shall be determined without giving effect to the provisions of clause (c) of section 72;’

Amendment of section 10

206. In section 10 of the principal Act,––
(i) in sub-section (3), after the word “assess”, the words “or reassess” shall be inserted and shall be deemed to have been inserted with effect from the 1st day of July, 2015;
(ii) in sub-section (4), after the word “assessment”, the words “ or reassessment” shall be inserted and shall be deemed to have been inserted with effect from the 1st day of July, 2015.

Amendment of section 17.
207. In the principal Act, in section 17, in sub-section (1), in clause (b), for the words “such order”, the words “or vary such order either to enhance or reduce the penalty” shall be substituted with effect from the 1st day of September, 2019.

Amendment of section 84.
208. In the principal Act, in section 84, for the figures “138”, the figures and letter “138, 144A” shall be substituted with effect from the 1st day of September, 2019.

PART XVII
AMENDMENTS TO THE FINANCE ACT, 2016

Amendment of section 187.

199. In the Finance Act, 2016 (hereafter in this Part referred to as the principal Act), in section 187, in sub-section (1), the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 2016, namely:––

“Provided that where the amount of tax, surcharge and penalty, has not been paid within the due date notified under this sub-section, the Central Government may, by notification in the Official Gazette, specify the class of persons, who may, make the payment of such amount on or before such date as may be notified by the Central Government, along with the interest on such amount, at the rate of one per cent. for every month or part of a month comprised in the period commencing on the date immediately following the due date and ending on the date of such payment.”.

Amendment of section 191.

200. In section 191 of the principal Act, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 2016, namely:––

“Provided that the Central Government may, by notification in the Official Gazette, specify the class of persons to whom the amount of tax, surcharge and penalty, paid in excess of the amount payable under this Scheme shall be refundable

PART XVIII
AMENDMENT TO THE FINANCE ACT, 2018

Amendment of Act 13 of 2018.

211. In the Finance Act, 2018, in the Sixth Schedule, against Item Nos. 1 and 2, for the entry in column (3), the entry “Rs.10 per litre” shall be substituted.

Repeal

212. Section 2 of the Finance Act, 2019 is hereby repealed and shall be deemed never to have been enacted.

THE SECOND SCHEDULE
[See section 82(1)]

Notification number	Amendment	Period of effect and date
(1)	(2)	(3)
G.S.R. 423 (E), dated the 1st June, , 2011 [46/2011- 2017 Customs, dated	In the said notification, in the Table, against serial number 443, in column (2), for the figures “3823 11 90”, the figures “3823 11 00” shall be substituted.	31st March, 2017 to 14th September
G.S.R. 499 (E), dated the 1st July, 2011 [53/2011- . 2017 Customs, dated 1st July, 2011]	In the said notification, in the Table, against serial number 476, in column (2), for the figures “3823 11 90”, the figures “3823 11 00”shall be substituted	31st March, 2017to 14th September,
G.S.R. 185 (E), dated the 17th March, 2012 [12/2012- “ Customs, dated 17th March, 2012]	In the said notification, in the Table, against serial numbers 230 and 230A, in column (2), for the figures”3823 11 90", the figures "3823 11 00” shall be substituted.	31st March,2017 to 30th June, 2017

THE THIRD SCHEDULE
[See section 83(1)]

Notification number	Amendment	Period of effect and date
(1)	(2)	(3)
G.S.R. 785 (E), dated the 30th June, [50/2017- . 2017 Customs, dated 30th June, 2017]	In the said notification, in the Table, against serial number 251 and 252, in column (2), for the figures “3823 11 90”, the figures “3823 11 00” shall be substituted	1st July, 2017 to 14th September, 2017

THE FOURTH SCHEDULE [See section 87 (a)]

( ) In the First Schedule to the Customs Tariff Act,−
(1) in Chapter 39, for the entry in column (4) occurring against all the tariff items of heading 3918, the entry “15%” shall be substituted;
(2) in Chapter 68, for the entry in column (4) occurring against all the tariff items of heading 6813, the entry “15%” shall be substituted;
(3) in Chapter 69, for the entry in column (4) occurring against all the tariff items of headings 6905 and 6907, the entry “15%” shall be substituted;
(4) in Chapter 70, for the entry in column (4) occurring against all the tariff items of heading 7009, the entry “15%” shall be substituted;
(5) in Chapter 71,––
(i) for the entry in column (4) occurring against all the tariff items of headings 7106, 7108, 7110 and 7112, the entry “12.5%” shall be substituted;
(ii) for the entry in column (4) occurring against tariff items 7107 00 00, 7109 00 00 and 7111 00 00, the entry "12.5%" shall be substituted;
(6) in Chapter 83, ––
(i) for the entry in column (4) occurring against tariff item 8301 20 00, the entry “15%” shall be substituted;
(ii) for the entry in column (4) occurring against all the tariff items of heading 8302, the entry “15%” shall be substituted;
(7) in Chapter 84,––
(i) for the entry in column (4) occurring against tariff item 8415 90 00, the entry “20%” shall be substituted;
(ii) for the entry in column (4) occurring against tariff items 8421 23 00, 8421 31 00, 8421 39 20 and 8421 39 90, the entry “10%” shall be substituted;
(8) in chapter 85, -
(i) for the entry in column (4) occurring against tariff items 8512 10 00, 8512 20 10, 8512 20 20, 8512 20 90, 8512 30 10, 8512 30 90 and 8512 40 00, the entry “15%” shall be substituted;
(ii) for the entry in column (4) occurring against tariff item 8512 90 00, the entry “10%” shall be substituted;
(iii) for the entry in column (4) occurring against tariff items 8518 21 00 and 8518 22 00, the entry “15%” shall be substituted;
(iv) for the entry in column (4) occurring against tariff item 8521 90 90, the entry “20%” shall be substituted;
(v) for the entry in column (4) occurring against tariff items 8525 80 10, 8525 80 20, 8525 80 30 and 8525 80 90, the entry “20%” shall be substituted;
(vi) for the entry in column (4) occurring against tariff items 8539 10 00, 8539 21 20 and 8539 29 40, the entry “15%” shall be substituted;
(8) in Chapter 87, for the entry in column (4) occurring against all the tariff items of headings 8706 and 8707, the entry “15%” shall be substituted;
(9) in Chapter 90, for the entry in column (4) occurring against tariff item 9001 10 00, the entry “15%” shall be substituted;
(10) in Chapter 98, after Note 6, the following Note shall be inserted, namely :–
“7. Heading 9804 is to be taken not to apply to printed books.”.

THE FIFTH SCHEDULE
[See section 87 (b)]

In the First Schedule to the Customs Tariff Act,––

Tariff Item	Description of goods	Unit	Rate of duty
			Standard	Prefrential
(1)	(2)	(3)	(4)	(5)

(1) in Chapter 1, for the entry in column (2) occurring against tariff item 0106 20 00, the following shall be substituted, namely:—

Reptiles (including snakes and turtles)”;

(2) in Chapter 2,—

(i) for the entry in column (2) occurring against heading 0201, the following shall be substituted, namely:—

“MEAT OF BOVINE ANIMALS,
FRESH OR CHILLED”;

(ii) for the entry in column (2) occurring against heading 0207, the following shall be substituted, namely:—

              “MEAT AND EDIBLE OFFAL, OF
               THE POULTRY OF HEADING 0105,
               FRESH, CHILLED OR FROZEN”;

(3) in Chapter 3,—

(i) in heading 0303,—

(a) in the entry in column (2) occurring against tariff item 0303 14 00, for the words “Oncorhynchus clarkii”, the words “Oncorhynchus clarki” shall be substituted;

(b) in the entry in column (2) occurring after the entry against tariff item 0303 19 00, for the words and bracket “carp (Cyprinus carpio, Carassius carassius, Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobroma spp.”, the words and brackets “carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.)” shall be substituted;

(c) in the entry in column (2) occurring against tariff item 0303 25 00,—
(i) for the words “Cyprinus carpio, Carassius carassius”, the words “Cyprinus spp., Carassius spp.” shall be substituted;
(ii) for the word "Megalobroma", the word "Megalobrama" shall be substituted;

(d) in the entry in column (2) occurring against tariff item 0303 31 00, for the word “hippoglossidae”, the word “hippoglossoides” shall be substituted;

(e) in the entry in column (2) occurring after the entry against tariff item 0303 49 00, for the words and brackets “scads (Decapterusspp.)”, the words and brackets “scads (Decapterus spp.)” shall be substituted;

(f) for tariff item 0303 59 00 and the entries relating thereto, the following shall be substituted, namely:—

“0303 59                - - Others:
0303 59 10            - - - Indian mackerels (Rastrelliger spp.)                    kg.                30%            -
0303 59 90            - - - Other                                                               kg.                30%            -"

(ii) in heading 0304, in the entry in column (2) occurring against tariff items 0304 42 00 and 0304 82 00, for the words
“Oncorhynchus clarkii”, the words “Oncorhynchus clarki” shall be substituted;
(iii) in heading 0305,—
(a) in the entry in column (2) occurring against tariff item 0305 32 00, for the word “Uclichthyidae”, the word “Euclichthyidae” shall be substituted;
(b) in the entry in column (2) occurring against tariff item 0305 43 00, for the words “Oncorhynchus clarkii”, the words “Oncorhynchus clarki” shall be substituted;

(iv) in heading 0306, after tariff item 0306 17 19 and the entries relating thereto, the following shall be inserted, namely:—

“0306 17 20          --- - Vannamei shrimp (Litopenaeus vannamei)                        kg.                30%            -
0306 17 30          - - - Indian white shrimp (Fenneropenaeus indicus)                   kg.                30%            -
0306 17 40          - - - Black tiger shrimp (Penaeus monodon)                             kg.                30%            -
0306 17 50         - - Flower shrimp (Penaeus semisulcatus)                                kg.                30%            -"

(v) in heading 0308,—
(a) in the entry in column (2), for the words “MOLLUSCS, LIVE, FRESH, CHILLED, DRIED, SALTED OR IN BRINE”, the words “MOLLUSCS, LIVE, FRESH, CHILLED, FROZEN, DRIED, SALTED OR IN BRINE” shall be substituted;
(b) for tariff item 0308 90 00 and the entries relating thereto, the following shall be substituted, namely:—

“0308 90 00                 - Other             kg.             30%                 -”;

(4) in Chapter 4, in heading 0406,—
    (i) for the entry in column (2) occurring against tariff item 0406 10 00, the following shall be substituted, namely:—
        “- Fresh (unripened or uncured) cheese, including whey cheese, and curd”;
    (ii) for the entry in column (2) occurring against tariff item 0406 30 00, the following shall be substituted, namely:—
        “- Processed cheese, not grated or powdered”;

(5) in Chapter 5, in the entry in column (2) occurring against heading 0506, for the words “DEGELATINISED POWDER”, the words “DEGELATINISED; POWDER” shall be substituted;

(6) in Chapter 7,—
    (i) in Note 2, for the words “Majorana hartensis”, the words “Majorana hortensis” shall be substituted;
    (ii) in the entry in column (2) occurring against heading 0705, for the word “LACTUCASATIVA”, the words “LACTUCA SATIVA” shall be substituted;
    (iii) for tariff item 0709 93 00 and the entries relating thereto, the following shall be substituted, namely:—

“0709 93                 - - Pumpkins, squash and gourds (Cucurbita spp.):
0709 93 10             - - - Pumpkins                                                         kg.         30%         20%
0709 93 20              - - - Squash                                                            kg.         30%         20%
0709 93 30             - - - Bitter gourd                                                      kg.         30%         20%
0709 93 40             - - - Bottle gourd                                                     kg.         30%         20%
0709 93 50             - - - Snake gourd                                                    kg.         30%         20%
0709 93 60             - - - Coccinia (Kundru)                                           kg.         30%         20%
0709 93 90             - - - Other                                                              kg.         30%         20%”;

(iv) for tariff item 0709 99 20 and the entries relating thereto, the following shall be substituted, namely:—

“0709 99 30 - - - Okra/lady finger (Bhindi) kg. 30% 20%”;

(v) for tariff item 0713 10 00 and the entries relating thereto, the following shall be substituted, namely:—

“0713 10                 -                     Peas (Pisum sativum):
0713 10 10                             - - - Yellow peas                             kg.                 50%           40%
0713 10 20                              - - - Green peas                             kg.                 50%           40%
0713 10 90                             - - - Other                                       kg.                 50%            40%”;

(7) in Chapter 8,—

(i) for tariff item 0804 50 20 and the entries relating thereto, the following shall be substituted, namely:—

“                            - - - Mangoes, fresh:
0804 50 21           - - - - Alphonso (Hapus)                                     kg.         30%             20%
0804 50 22            - - - - Banganapalli                                           kg.         30%             20%
0804 50 23             - - - - Chausa                                                  kg.         30%             20%
0804 50 24             - - - - Dasheri                                                  kg.         30%             20%
0804 50 25             - - - - Langda                                                   kg.         30%             20%
0804 50 26         - - - - Kesar                                                         kg.         30%             20%
0804 50 27         - - - - Totapuri                                                      kg.         30%              20%
0804 50 28         - - - - Mallika                                                       kg.         30%              20%
0804 50 29         - - - - Other                                                         kg.         30%              20%”;

(ii) for tariff item 0807 19 00 and the entries relating thereto, the following shall be substituted, namely:—

“0807 19             - - Other:
0807 19 10         - - - Musk melons                                               kg.            30%                 20%
0807 19 90         - - - Other                                                         kg.              30%                 20%”;

(iii) in the entry in column (2) occurring against heading 0809, for the words “PLUMS AND SOLES”, the words “PLUMS
AND SLOES” shall be substituted;
(8) in Chapter 9, for the entry in column (2) occurring against sub-heading 0906 19, the following shall be substituted,
namely:—

“- - Other:”;

(9) in Chapter 10, for tariff item 1005 90 00 and the entries relating thereto, the following shall be substituted, namely:—

“1005 90               - Other:
                             - - - Dent corn (Zea mays var. indenta):
1005 90 11           - - - - Yellow                                             kg.                            60%                                     -
1005 90 19           - - - - Other                                                kg.                           60%                                     -
1005 90 20           - - - Flint corn (Zea mays var. indurata)         kg.                         60%                                      -
1005 90 30           - - - Pop corn (Zea mays var. everta)             kg.                         60%                                     -
1005 90 90           - - - Other                                                     kg.                         60%                                     -”;

(10) in Chapter 11, after tariff item 1102 90 10 and the entries relating thereto, the following shall be inserted, namely:—

                            “- - - Rice flour:
1102 90 21         - - - - Brown rice flour             kg.            30%                 -
1102 90 22         - - - - White rice flour             kg.             30%                 -
1102 90 29         - - - - Other                             kg.           30%                 -”;

(11) in Chapter 12, in the entry in column (2) occurring against heading 1212, for the words “Ci-chorium intybus sativum”, the words “CICHORIUM INTYBUS SATIVUM” shall be substituted;

(12) in Chapter 15,—
(i) for the entry in column (2) occurring against tariff item 1512 19 30, the following shall be substituted, namely:—
                “- - - Safflower oil, edible grade”;
(ii) for the entry in column (2) occurring against tariff item 1512 19 40, the following shall be substituted, namely:-
                “- - - Safflower oil, non-edible grade”;

(13) in Chapter 21, in the entry in column (2) occurring against heading 2103, for the words “THEREFOR, MIXED”, the
words “THEREFOR; MIXED” shall be substituted;

(14) in Chapter 22,—
    (i) in Note 1, in clause (a), for the words “products falling thereunder”, the words “products of this Chapter” shall be substituted;

    (ii) in the entry in column (2) occurring against tariff item 2206 00 00, for the words “MIXTURES OF FERMENTED BEVERAGES AND NON-ALCOHOLIC BEVERAGES”, the words “MIXTURES OF FERMENTED BEVERAGES AND MIXTURES OF FERMENTED BEVERAGES AND NON-ALCOHOLIC BEVERAGES” shall be substituted;

(iii) in heading 2208,—

(a) tariff items 2208 20 12, 2208 20 92 and 2208 50 13 and the entries relating thereto shall be omitted;

(b) for tariff item 2208 60 93 and the entries relating thereto, the following shall be substituted, namely:—

“2208 60 00 - Vodka l 150% -”:

(15) in Chapter 25, in Note 2, in clause (b), for the words “evaluated at”, the words “evaluated as” shall be substituted;

(16) in Chapter 26,—
(i) in Note 3, in clause (a), for the words “excluding slag, ash and residues”, the words “excluding ash and residues” shall be substituted;
(ii) in heading 2620,—

(a) for the tariff item 2620 19 00 and the entries relating thereto, the following shall be substituted, namely:—

“2620 19         - - Other:
2620 19 10     - - - Zinc dross                 kg.              10%                   -
2620 19 90     - - - Other                     kg.                 10%                 -”;

(b) for the tariff item 2620 29 00 and the entries relating thereto, the following shall be substituted, namely:—

“2620 29                     - - Other:
2620 29 10                 - - - Lead dross         kg.            5%             -
2620 29 90                 - - - Other                 kg.             5%             -”;

(17) in Chapter 27,—

(i) for the Supplementary Note, the following Supplementary Note shall be substituted, namely:—

“Supplementary Note:

In this Chapter, reference to any standard of the Bureau of Indian standards refers to the last published version of that standard.

Illustration : IS 1459 refers to IS 1459: 2018 and not to IS 1459: 1974.”;

(ii) in the entry in column (2) occurring against heading 2707, for the words “COAL TAR SIMILAR PRODUCTS”, the words “COAL TAR; SIMILAR PRODUCTS” shall be substituted;

(iii) in heading 2710,—

(a) for sub-heading 2710 12, tariff items 2710 12 11 to 2710 12 90, sub-heading 2710 19 and tariff items 2710 19 10 to 2710 20 00 and the entries relating
thereto, the following shall be substituted, namely:—

“2710 12                     - - Light oils and preparations:
                                  - - - Naphtha:
2710 12 21             - - - - Light naphtha                                                                     kg.             10%         -
2710 12 22             - - - - Heavy naphtha                                                                   kg.             10%         -
2710 12 29             - - - - Full range naphtha                                                              kg.             10%         -
                                - - - Solvent 60/80, solvent 50/120 and solvent 145/205
                                    (petroleum hydrocarbon solvents) as specified under
                                    standard IS 1745:
2710 12 31             - - - - Solvent 60/80                                                                     kg.             10%        -
2710 12 32             - - - - Solvent 50/120                                                                   kg.             10%        -
2710 12 39             - - - - Solvent 145/205                                                                  kg.             10%     -
                                - - - Motor gasoline conforming to standard IS 2796,
                                        IS 17021 or IS 17076:
2710 12 41             - - - - Motor gasoline conforming to standard IS 2796                    kg.           10%         -
2710 12 42             - - - - E 20 fuel conforming to standard IS 17021                          kg.            10%         -
2710 12 49             - - - - M15 fuel conforming to standard IS 17076                            kg.            10%         -
2710 12 50             - - - Aviation gasoline conforming to standard IS 1604                    kg.            10%         -
2710 12 90             - - - Other                                                                                  kg.            10%         -
2710 19                 - - Other:
2710 19 20             - - - Solvent 125/240 (petroleum hydrocarbon solvent)                  kg.            10%         -
                                        as specified under standard IS 1745
                                - - - Kerosene intermediate and oils obtained from
kerosene intermediate:
2710 19 31         - - - - Kerosene intermediate                                                         kg.              10%         -
2710 19 32         - - - - Kerosene conforming to standard IS 1459                              kg.            10%         -
2710 19 39         - - - - Aviation turbine fuels, kerosene type conforming to                 kg.              10%         -
                            standard IS 1571
                        - - - Gas oil and oils obtained from gas oil:
2710 19 41     - - - - Gas oil                                                                                    kg.               10%         -

2710 19 42 - - - - Vacuum gas oil                                                                            kg.                10%        -
2710 19 43 - - - - Light diesel oil conforming to standard IS 15770                              kg.               10%    -
2710 19 44 - - - - Automotive diesel fuel, not containing biodiesel,                              kg.                 10%     -
                    conforming to standard IS 1460
2710 19 49 - - - - High flash high speed diesel fuel conforming to                                           kg.             10%     -
                    standard IS 16861
                - - - Fuel oils conforming to standard IS 1593:
2710 19 51 - - - - Grade LV                                                                                                 kg.             10%     -
2710 19 52 - - - - Grade MV1                                                                                              kg.             10%     -
2710 19 53 - - - - Grade MV2                                                                                              kg.             10%     -
2710 19 59 - - - - Grade HV                                                                                                 kg.             10%     -
                    - - - Fuels (Class F) or marine fuels conforming to
                                    standard IS 16731:
2710 19 61         - - - - Distillate oil                                                                                        kg.             10%     -
2710 19 69         - - - - Residual oil                                                                                        kg.             10%     -
                        - - - Base oil and lubricating oil:
2710 19 71         - - - - Base oil                                                                                           kg.              10%     -
2710 19 72         - - - - Engine oil (internal combustion engine crankcase oils)                         kg.               10%     -
                        conforming to standard IS 13656
2710 19 73         - - - - Engine oil conforming to standard IS 14234                                        kg.               10%    -
2710 19 74         - - - - Automotive gear oil conforming to standard IS 1118                          kg.               10%     -
2710 19 75         - - - - Industrial gear oil conforming to standard IS 8406                               kg.               10%     -
2710 19 76         - - - - General purpose machinery and spindle oils                                      kg.               10%     -
                                    conforming to standard IS 493
2710 19 77         - - - - Turbine lubricating oil conforming to standard IS 1012                         kg.               10%    -
2710 19 78         - - - - Other lubricating oil, conforming to any other BIS                               kg.             10%     -
                                standard
2710 19 79     - - - - Other lubricating oil, not conforming to any BIS standard                        kg.            10%       -
                        - - - Cutting oil, hydraulic oil, industrial white oil, jute
                            batching oil, mineral oil for cosmetic industry,
                            transformer oil:
2710 19 81         - - - - Cutting oil conforming to standard IS 1115                                        kg.             10%         -
2710 19 82         - - - - Cutting oil (neat) conforming to standard IS 3065                               kg.              10%         -
2710 19 83         - - - - Hydraulic oil conforming to standard IS 3098 or                                 kg.              10%         -
IS 11656
2710 19 84             - - - - Industrial white oil conforming to standard IS 1083                         kg.             10%         -
2710 19 85             - - - - Insulating oil for transformer and circuit-breaker                             kg.             10%         -
                                (transformer and circuit-breaker oils) conforming to
                                            standard IS 335 or IS 12463
2710 19 86                     - - - - Mineral oil for cosmetic industry conforming to                        kg.              10%     -
                                                standard IS 7299
2710 19 87                     - - - - Jute batching oil conforming to standard IS 1758                     kg.               10%       -
2710 19 88                     - - - - Other cutting oil, hydraulic oil, industrial white oil,                    kg.              10%         -
                                        jute batching oil, mineral oil for cosmetic industry,
                                        transformer oil conforming to any other BIS standard
2710 19 89     - - - - Other cutting oil, hydraulic oil, industrial white oil,                                     kg.             10%         -
                                jute batching oil, mineral oil for cosmetic industry,
                                transformer oil, not conforming to any BIS standard
2710 19 90     - - - Other                                                                                                      kg.             10%         -
2710 20             - Petroleum oils and oils obtained from bituminous
                            minerals (other than crude) and preparations not
                            elsewhere specified or included, containing by
                            weight 70 % or more of petroleum oils or of oils
                            obtained from bituminous minerals, these oils being
                            the basic constituents of the preparations, containing
                            biodiesel, other than waste oils:
2710 20 10     - - - Automotive diesel fuel, containing biodiesel,                                               kg.             10%         -
                            conforming to standard IS 1460
2710 20 20     - - - Diesel fuel blend (B6 to B20) conforming to                                                 kg.             10%         -
                                standard IS 16531
2710 20 90     - - - Other                                                                                                       kg            . 10%         -”;

(b) for the entry in column (2) occurring against tariff item 2710 99 00, the following shall be substituted namely :—

“- - Other” ;

(iv) in heading 2711, for tariff item 2711 19 00 and the entries relating thereto, the following shall be substituted, namely:—
	“2711 19	- -	Other:
10	2711 19 10	- - -	LPG (for non-automotive purposes) conforming to standard IS 4576	kg.	10%	-
	2711 19 20	- - -	LPG (for automotive purposes) conforming to	kg.	10%	-
			standard IS 14861
	2711 19 90	- - -	Other	kg.	10%	-”;
15 (v) in heading 2713, for tariff items 2713 11 00 and 2713 12 00 and the entries relating thereto, the following shall be substituted, namely:—
	“2713 11	- -	Not calcined:
	2713 11 10	- - -	Raw petroleum coke for anode making in aluminium	kg.	10%	-
			industry conforming to standard IS 17049
20	2713 11 90	- - -	Other	kg.	10%	-
	2713 12	- -	Calcined:
	2713 12 10	- - -	Calcined petroleum coke for anode making in	kg.	10%	-
			aluminium industry conforming to standard IS 17049
	2713 12 90	- - -	Other	kg.	10%	-”;

25 (18) in Chapter 28,—

(i) in Note 3, in clause (e), for the words and figures “of heading 3813, ink removers”, the words and figures “of heading 3813; ink removers” shall be substituted ;

(ii) for the entry in column (2) occurring against tariff item 2836 30 00, the following shall be substituted, namely:—

“- Sodium hydrogencarbonate (sodium bicarbonate)”;

30 (19) in Chapter 29,—(i) in Note 5, in clause (C), in paragraph (1), for the words “compound; and”, the word “compound;” shall be substituted;

(ii) in Note 7, for the words “thioaldehydes anhydrides”, the words “thioaldehydes, anhydrides” shall be substituted;

(iii) after tariff item 2901 29 20 and the entries relating thereto, the following shall be inserted, namely:—

	“2901 29 30	- - -	Dihydromyrcene	kg.	10%	-
35	2901 29 40	- - -	Tetradecene	kg.	10%	-”;
(iv) in heading 2902,- (a) for tariff item 2902 19 00 and the entries relating thereto, the following shall be substituted, namely:—
	“2902 19	- -	Other:
	2902 19 10	- - -	Cyclopropyl actetylene	kg.	10%	-
40	2902 19 90	- - -	Other	kg.	10%	-”;
(b) after tariff item 2902 90 50 and the entries relating thereto, the following shall be inserted, namely:—
“2902 90 60		- - -	N-propyl benzene	kg.	10%	-”;

(v) in heading 2904, tariff item 2904 10 40 and the entries relating thereto, shall be omitted;

(vi) in heading 2905,-

45 (a) after tariff item 2905 22 40 and the entries relating thereto, the following shall be inserted, namely:—

“2905 22 50		- - -	Dihydromyrcenol	kg.	10%	-”;
(b) after tariff item 2905 39 10 and the entries relating thereto, the following shall be inserted, namely:—
“2905 39 20		- - -	Hexylene glycol	kg.	10%	-”;
(vii) in heading 2907, after tariff item 2907 29 10 and the entries relating thereto, the following shall be inserted, namely:—
50	“2907 29 20	- - -	Tris (p-hydroxy phenyl) ethane	kg.	10%	-
	2907 29 30	- - -	Tertiary butyl hydroquinone	kg.	10%	-”;

(viii) in heading 2909,—
(a) for tariff item 2909 19 00 and the entries relating thereto, the following shall be substituted, namely:—

“2909 19 2909 19 10	- - - - -	Other: Tertiary amyl methyl ether	kg.	10%	-
2909 19 20	- - -	Methyl tertiary butyl ether (MTBE)	kg.	10%	-
2909 19 90	- - -	Other	kg.	10%	-”;
(b) for the entry in column (2) occurring against tariff item 2909 41 00, the following shall be substituted, namely:—
“- -		2,2’-oxydiethanol (diethylene glycol, digol)”;
(c) for tariff item 2909 49 00 and the entries relating thereto, the following shall be substituted, namely:—
“2909 49	- -	Other:
2909 49 10	- - -	Phenoxy ethanol	kg.	10%	-
2909 49 20	- - -	1-(4-phenoxyphenoxy)propan-2-ol	kg.	10%	-
2909 49 30	- - -	Meta phenoxy benzyl alcohol (MPBA)	kg.	10%	-
2909 49 90	- - -	Other	kg.	10%	-”;
(d) after tariff item 2909 50 30 and the entries relating thereto, the following shall be inserted, namely:—
“2909 50 40	- - -	4-methoxy phenol (mono methyl ether of hydroquinone) kg.		10%	-
“2909 50 50	- - -	Butylated hydroxyanisole (BHA) kg.		10%	-”;

(ix) in heading 2912, after tariff item 2912 29 20 and the entries relating thereto, the following shall be inserted, namely:—
“2912 29 30 - - - Hexyl cinnamic aldehyde kg. 10% -”;

(x) in heading 2914,—

(a) after tariff item 2914 29 22 and the entries relating thereto, the following shall be inserted, namely:—

“2914 29 30	- - -	Pentyl-2-cyclopenten-1-one	kg.	10%	-
2914 29 40	- - -	Cyclohexane dione	kg.	10%	-
2914 29 50	- - -	7-acetyl, 1,2,3,4,5,6,7,8-octahydro, 1,1, 6,7-tetra methyl Naphthalene / 1-(2,3,8,8-tetramethyl-1,2,3,4,5,6,7,8- octahydronaphthalen-2-yl) ethanone	kg.	10%	-”;
(b) after tariff item 2914 79 20 and the entries relating thereto, the following shall be inserted, namely:—
“2914 79 30	- - -	Tri fluoro methyl acetophenone	kg.	10%	-
2914 79 40	- - -	Chloro-4-(4-chloro phenoxy) acetophenone	kg.	10%	-
2914 79 50	- - -	Dichloroacetophenone	kg.	10%	-”;
(xi) in heading 2915,—(a) after tariff item 2915 39 60 and the entries relating thereto, the following shall be inserted, namely:—
“2915 39 70	- - -	Ortho tertiary butyl cyclohexyl acetate	kg.	10%	-
2915 39 80	- - -	Para tertiary butyl cyclohexyl acetate	kg.	10%	-”;
(b) for tariff item 2915 39 90 and the entries relating thereto, the following shall be substituted, namely:—
	“- - -	Other:
2915 39 91	- - - -	Methyl cyclohexyl acetate	kg.	10%	-
2915 39 92	- - - -	Ethylene glycol mono ethyl ether acetate	kg.	10%	-
2915 39 99	- - - -	Other	kg.	10%	-”;

(c) for tariff items 2915 90 20 to 2915 90 90 and the entries relating thereto, the following shall be substituted, namely:—

“2915 90 40	- - -	Pivaloyl chloride	kg.	10%	-
2915 90 50	- - -	N-valeryl chloride	kg.	10%	-
2915 90 60	- - -	N-octanoyl chloride	kg.	10%	-
2915 90 70	- - -	Neodecanoyl chloride	kg.	10%	-
	- - -	Other:
2915 90 91	- - - -	Hexoic acid (caproic acid)	kg.	10%	-
2915 90 92	- - - -	Octoic acid (caprylic acid)	kg.	10%	-
2915 90 93	- - - -	Tri fluoro acetic acid	kg.	10%	-
2915 90 94	- - - -	Ethyl difluoro acetate	kg.	10%	-
2915 90 95	- - - -	Ethyl trifluoro acetate	kg.	10%	-
2915 90 99	- - - -	Other	kg.	10%	-”;

(xii) in heading 2916,—
(a) after tariff item 2916 19 60 and the entries relating thereto, the following shall be inserted, namely:

“2916 19 70	- - -	Erucic acid	kg.	10%	-”;
(b) for tariff item 2916 20 00 and the entries relating thereto, the following shall be substituted, namely:—
“2916 20	-	Cyclanic, cyclenic or cycloterpenic monocarboxylic acids,
2916 20 10	- - -	their anhydrides, halides, peroxides, peroxyacids and their derivatives: D. V. acid chloride/cypermethric acid chloride	kg.	10%	-
2916 20 90	- - -	Other	kg.	10%	-”;
(c) after tariff item 2916 39 50 and the entries relating thereto, the following shall be inserted, namely:—
“2916 39 60	- - -	Dichlorophenyl acetyl chloride	kg.	10%	-”;
(xiii) in heading 2917,— (a) for tariff item 2917 13 00 and the entries relating thereto, the following shall be substituted, namely:—
“2917 13 2917 13 10	- - - - -	Azelaic acid, sebacic acid, their salts and esters: Sebacic Acid	kg.	10%	-
2917 13 90	- - -	Other	kg.	10%	-”;

(b) in the entry in column (2) occurring against tariff item 2917 20 00, for the word “polycaroxylic”, the word “polycarboxylic” shall be substituted;

(xiv) in heading 2918,—
(a) for the entry in column (2) occurring against sub-heading 2918 19, the following shall be substituted, namely:—
“- - Other:”;
(b) after tariff item 2918 19 10 and the entries relating thereto, the following shall be inserted, namely:—

“2918 19 20	- - -	Cholic acid	kg.	10%	-
2918 19 30	- - -	Ricinoleic acid	kg.	10%	-”;
(c) after tariff item 2918 23 30 and the entries relating thereto, the following shall be inserted, namely:—
“2918 23 40	- - -	Benzyl salicylate	kg.	10%	-”;
(d) after tariff item 2918 30 40 and the entries relating thereto, the following shall be inserted, namely:—
“2918 30 50	- - -	Fluoro benzoyl butyric acid	kg.	10%	-”;
(e) for tariff item 2918 99 00 and the entries relating thereto, the following shall be substituted, namely:—
“2918 99	- -	Other:
2918 99 10	- - -	Sodium phenoxy acetate	kg.	10%	-
2918 99 20	- - -	Methyl (E)-2-[2-(chloro methyl) phenyl]-3-	kg.	10%	-
2918 99 90	- - -	methoxyacrylate Other	kg.	10%	-”;

(xv) in heading 2920, for tariff item 2920 90 99 and the entries relating thereto, the following shall be substituted, namely:—
“2920 90 00 - Other kg. 10% -”;

(xvi) in heading 2921,––

(a) for tariff items 2921 42 15 to 2921 42 24 and the entries relating thereto, the following shall be substituted, namely:—

“2921 42 15	- - - - - - -	2 - 4 - 5 trichloroaniline N-benzyl-N-ethylaniline, N,N-diethylaniline, N,N-dimethylaniline, meta nitroaniline, para nitroaniline:	kg.	10%	-
2921 42 21	- - - -	N-benzyl-N-ethylaniline	kg.	10%	-
2921 42 22	- - - -	N,N-diethylaniline	kg.	10%	-
2921 42 23	- - - -	N,N-dimethylaniline	kg.	10%	-
2921 42 24	- - - -	N-ethyl aniline	kg.	10%	-”;
(b) for tariff items 2921 43 10 to 2921 43 20 and the entries relating thereto, the following shall be substituted, namely:—
“2921 43 10	- - -	N,N-diethyl toluidine	kg.	10%	-
2921 43 20	- - -	N,N-dimethyl toluidine	kg.	10%	-”;

(c) after tariff item 2921 49 10 and the entries relating thereto, the following shall be inserted, namely:—
“2921 49 20 - - - Para cumidine     kg.     10% -”;

(d) after tariff item 2921 59 30 and the entries relating thereto, the following shall be inserted, namely:—
“2921 59 40 - - - Diaminostilbene 2,2-disulphonic acid (Dasda)     kg.     10% -”;

(xvii) in heading 2922,-
(a) for the entry in column (2) occurring against sub-heading 2922 11, the following shall be substituted, namely:—
“- - Monoethanolamine and its salts:”;
(b) in the entry in column (2) occurring after the entry against tariff item 2922 29 26, after the words, brackets and letter “Picramic acid (T-grade)”, the words “, para cresidine ortho sulphonic acid” shall be inserted;

(c) after tariff item 2922 29 35 and the entries relating thereto, the following shall be inserted, namely:—
“2922 29 36 - - - - Para cresidine ortho sulphonic acid         kg.         10% -”;
(xviii) in heading 2930, after tariff item 2930 90 97 and the entries relating thereto, the following shall be inserted, namely:—
“2930 90 98 - - - - Dichloro diphenyl sulphone         kg.     10% -”;

(xix) in heading 2932, for tariff item 2932 99 00 and the entries relating thereto, the following shall be substituted, namely:—
“2932 99 - - Other:
2932 99 10 - - - Cineole             kg.     10% -
2932 99 90 - - - Other                 kg.     10% -”;

(xx) in heading 2933,—
(a) for tariff item 2933 19 90 and the entries relating thereto, the following shall be substituted, namely:—
“- - - Other:
2933 19 91 - - - - Fluoro-3-(difluoromethyl)-1-methyl-1h-pyrazole-4- kg. 10% - carbonyl fluoride
2933 19 99 - - - - Other         kg.         10%     -”;

(b) tariff item 2933 39 17 and the entries relating thereto, shall be omitted;

(c) after tariff item 2933 69 10 and the entries relating thereto, the following shall be inserted, namely:—
“2933 69 20 - - - 4-[4,6-bis(2,4-dimethylphenyl)-1,3,5-                             kg.     10% -
triazine-2-yl]-1,3-benzenediol
2933 69 30 - - - Tris(2-hydroxyethyl) isocyanurate                                     kg.     10% -
2933 69 40 - - - Ethylhexyltriazone                                                             kg.         10% -
2933 69 50 - - - 2,4,6-tri(2,4-dyhydroxyl-3-methylphenyl)-1,3,5-triazine     kg.     10% -”;

(d) for tariff item 2933 79 00 and the entries relating thereto, the following shall be substituted, namely:—
“2933 79         - - Other lactams :
2933 79 10     - - - N-methyl-2-pyrrolidone     kg.     10% -
2933 79 20     - - - N-ethyl-2-pyrrolidone         kg.     10% -
2933 79 90     - - - Other                                 kg.     10% -”;

(e) in the entry in column (2) occurring against tariff item 2933 91 00, for the words, brackets and letters “flunitrzepam (INN), flurazepam (INN), halazaepam (INN)”, the words, brackets and letters “flunitrazepam (INN), flurazepam (INN), halazepam (INN)” shall be substituted;

(f) for tariff item 2933 99 00 and the entries relating thereto, the following shall be substituted, namely:—
“2933 99         - - Other:
2933 99 10      - - - Imidazo pyridine methyl amine     kg. 10% -
2933 99 90     - - - Other                                             kg. 10% -”;

(xxi) in heading 2934,—
(a) in the entry in column (2) occurring against tariff item 2934 91 00, for the word “claxazolam”, the word “cloxazolam” shall be substituted;
(b) for tariff item 2934 99 00 and the entries relating thereto, the following shall be substituted, namely:—
“2934 99         - -             Other:
2934 99 10     - - -             Chloro thiophene-2-carboxylic acid     kg.      10% -
2934 99 20     - - -         Morpholine                                             kg.     10% -
2934 99 90     - - -         Other                                                     kg.     10% -”;

(xxii) in heading 2937, in the entry in column (2) occurring against tariff item 2937 21 00, for the words and brackets “prednisone, (dehydrocortisone)”, the words and brackets “prednisone (dehydrocortisone)” shall be substituted;

(xxiii) in heading 2939,—
(a) for the entry in column (2) occurring against tariff item 2939 19 00, the following shall be substituted, namely:—
“- - Other”;
(b) for tariff item 2939 79 00 and the entries relating thereto, the following shall be substituted, namely:—
“2939 79 - - Other:
2939 79 10 - - - Nicotine kg. 10% -
2939 79 90 - - - Other kg. 10% -”;
(20) in Chapter 30,—
(i) in heading 3004, in the entry in column (2) occurring after the entry against tariff item 3004 20 99, for the words
“hormones and other products”, the words “hormones or other products” shall be substituted;
(ii) in heading 3006, in the entry in column (2) occurring against sub-heading 3006 60, for the words “hormones, or other products” the words “hormones, on other products” shall be substituted;
(21) in Chapter 31, in Note 1, in clause (c), for the brackets, words, figures and letter “(other than optical elements weighing not less than 2.5 g. each, of heading 3824)”, the brackets, words, figures and letter “(other than optical elements) weighing not less than 2.5 g. each, of heading 3824” shall be substituted;
(22) in Chapter 32,—
(i) in heading 3204, in the entry in column (2) occurring against sub-heading 3204 15, for the words “preparations
thereon”, the words “preparations based thereon” shall be substituted;
(ii) in the entry in column (2) occurring against heading 3207, for the words “CERAMIC ENAMELLING”, the words
“CERAMIC, ENAMELLING” shall be substituted;
(23) in Chapter 33,—
(i) in heading 3301, for the entry in column (2) occurring after the entry against tariff item 3301 30 10, the following shall be substituted;
“- - - Other:”
(ii) in the entry in column (2) occurring against heading 3307, for the words “INCLUDED, PREPARED”, the words
“INCLUDED; PREPARED” shall be substituted;
(24) in Chapter 34, in heading 3402,—
(i) in the entry in column (2) occurring against heading 3402, for the brackets and words “(OTHER THAN SOAP), SURFACE-ACTIVE PREPARATIONS”, the brackets and words “(OTHER THAN SOAP); SURFACE-ACTIVE PREPARATIONS” shall be substituted;
(ii) for the entry in column (2) occurring against sub-heading 3402 90, the following shall be substituted;
“- Other:”
(25) in Chapter 37, in the entry in column (2) occurring against heading 3703, for the words “TEXTILES SENSITISED”, the words “TEXTILES, SENSITISED” shall be substituted;
(26) in Chapter 38,—
(i) in Sub-heading Note 3, for the brackets and words “(pchlorophenyl) ethane”, the brackets and words “(pchlorophenyl)ethane” shall be substituted;
(ii) Supplementary Notes shall be omitted;

(iii) in heading 3804,—
(a) in the entry in column (2), for the words “LYES FOR”, the words “LYES FROM” shall be substituted;
(b) in the entry in column (2) occurring against sub-heading 3804 00, for the words “lyes for”, the words “lyes from” shall be substituted;

(iv) in heading 3808,—
(a) for the entry in column (2) occurring against sub-heading 3808 92, the following shall be substituted, namely:—
“- - Fungicides:”;
(b) in the entry in column (2) occurring against sub-heading 3808 93, for the words “plant-growth regulated”, the words “plantgrowth regulators” shall besubstituted;
(v) in heading 3824,—

(a) after tariff item 3824 88 00 and the entries relating thereto, the following shall be inserted, namely:—
“- Other:”;

(b) for sub-heading 3824 99 and tariff items 3824 99 11 to 3824 99 90 and the entries relating thereto, the following shall be substituted, namely:—
“3824 99 00 - - Other kg. 10% -”;

(27) in Chapter 39,—
(i) in heading 3901,—

(a) for tariff item 3901 10 10 and the entries relating thereto, the following shall be substituted, namely:—

“3901 10 10 - - - Linear low density polyethylene (LLDPE), in which                     kg. 10% -
                            ethylene monomer unit contributes 95 % or more
                            by weight of the total polymer content
3901 10 20 - - - Low density polyethylene (LDPE)                                                 kg. 10% -”;

(b) for tariff item 3901 40 00, sub-heading 3901 90 and tariff items 3901 90 10 to 3901 90 90 and the entries relating thereto, the following shall be substituted, namely:—

“3901 40 - Ethylene-alpha-olefin copolymers, having a specific
gravity of less than 0.94:
3901 40 10 - - - Linear low density polyethylene (LLDPE), in which     kg.                    10%             -
                            ethylene monomer unit contributes less than
                            95 % by weight of the total polymer content
3901 40 90                     - - - Other                                                 kg.                     10%             -
3901 90 00                         - Other                                                 kg.                     10%             -”;

(ii) in heading 3904,—

(a) for tariff items 3904 40 00 to 3904 50 10 and the entries relating thereto, the following shall be substituted, namely:—

“3904 40 00     - Other vinyl chloride copolymers                                                                                        kg.      10% -
3904 50         - Vinylidene chloride polymers :
3904 50 10 - - - Copolymer of vinylidene chloride with acrylonitrite                                                             , kg.      10% -”;
                           in the form of expansible beads of a diameter of 4
                           micrometers or more but not more than 20 micrometers

(b) for tariff item 3904 90 00 and the entries relating thereto, the following shall be substituted, namely:—

3904 90         - Other:
3904 90 10     - - - Chlorinated poly vinyl chloride (CPVC) resin         kg.     10% -
3904 90 90     - - - Other                                                                    kg.     10% -”;

(iii) in heading 3906, for tariff items 3906 90 10 to 3906 90 30 and the entries relating thereto, the following shall be substituted, namely:—

“3906 90 40 - - - Poly (acrylic acid)                 kg. 10% -
3906 90 50 - - - Polyacrylonitrile (PAN)             kg. 10% -
3906 90 60 - - - Copolymers of acrylonitrile         kg. 10% -
3906 90 70 - - - Sodium polyacrylate                     kg. 10% -”;

(iv) in heading 3907,—
(a) for tariff item 3907 61 00 and the entries relating thereto, the following shall be substituted, namely:—

“3907 61 - - Having a viscosity number of 78 ml/g or higher:
3907 61 10 - - - PET flake (chip) kg. 10% -
3907 61 90 - - - Other primary form kg. 10% -”;

(b) for tariff items 3907 69 10 to 3907 69 90 and the entries relating thereto, the following shall be substituted namely:

“3907 69 30 - - - PET flake (chip) kg. 10% -
3907 69 90 - - - Other primary form kg. 10% -”;

(c) for sub-heading 3907 99 and tariff items 3907 99 10 to 3907 99 90 and the entries relating thereto, the following shall be substituted, namely:—

“3907 99 00 - - Other kg. 10% -”;

(v) in heading 3908, for tariff items 3908 10 10 to 3908 10 90, sub-heading 3908 90 and tariff items 3908 90 10 to 3908 90 90 and the entries relating thereto, the following shall be substituted, namely:—

                    “- - - Polyamide -6 (Nylon-6):
3908 10 11 - - - - Flake (chip)                             kg. 10% -
3908 10 19 - - - - Other primary form                 kg. 10% -
                - - - Polyamide -11 (Nylon-11):

3908 10 21	- - - -	Flake (chip)	kg.	10%	-
3908 10 29 3908 10 31	- - - - - - - - - - -	Other primary form Polyamide -12 (Nylon-12): Flake (chip)	kg. kg.	10% 10%	- -
3908 10 39	- - - - - - -	Other primary form Polyamide -6,6 (Nylon-6,6):	kg.	10%	-
3908 10 41	- - - -	Flake(chip)	kg.	10%	-
3908 10 49 3908 10 51	- - - - - - - - - - -	Other primary form Polyamide -6,9 (Nylon-6,9): Flake (chip)	kg. kg.	10% 10%	- -
3908 10 59	- - - -	Other primary form	kg.	10%	-
	- - -	Polyamide -6,10 (Nylon-6,10):
3908 10 61	- - - -	Flake (chip)	kg.	10%	-
3908 10 69 3908 10 71	- - - - - - - - - - -	Other primary form Polyamide -6,12 (Nylon-6,12): Flake (chip)	kg. kg.	10% 10%	- -
3908 10 79	- - - -	Other primary form	kg.	10%	-
3908 90 00	-	Other	kg.	10%	-”;

(vi) in heading 3911, in the entry in column (2) occurring against sub-heading 3911 10, for the words “Petroleum resins, coumarone-indene”, the words “Petroleum resins, coumarone, indene” shall be substituted;
(vii) in heading 3920, for sub-heading 3920 91 and tariff items 3920 91 11 to 3920 91 19 and the entries relating thereto,
the following shall be substituted, namely:—

	“-	Of other plastics:
3920 91	- -	Of poly (vinyl butyral):
3920 91 10	- - -	Rigid, plain	kg.	10%	-
3920 91 20	- - -	Flexible, plain	kg.	10%	-
3920 91 90	- - -	Other	kg.	10%	-”;

(28) in Chapter 40,—
(i) in Note 5, in clause (B), in paragraph (iii), for the word “vulcanised”, the word “stabilisers” shall be substituted;

(ii) in heading 4010,—
(a) for the entry in column (2) occurring against sub-heading 4010 31, the following shall be substituted, namely:—
            “- - Endless transmission belts of trapezoidal cross-section (V-belts), V-ribbed, of an outside circumference exceeding 60 cm but not exceeding 180 cm:”;

(b) for the entry in column (2) occurring against sub-heading 4010 33, the following shall be substituted, namely:—
             "- - Endless transmission belts of trapezoidal crosssection (V-belts), V-ribbed, of an outside circumference exceeding 180 cm but not exceeding 240 cm:”;

(29) in Chapter 42, in Note 2, in clause (f), for the word “rigid-crops”, the word “riding-crops” shall be substituted;

(30) in Chapter 44,—
(i) in Note 1, in clause (m), for the word and figures “Section XVII”, the word and figures “Section XVIII” shall be substituted;
(ii) in Supplementary Note 1, for the letters and figures “IS : 710-1976”, the letters and figures “IS 710” shall be substituted;
(iii) in Supplementary Note 2, for the letters and figures “IS : 709-1974 and IS : 4859-1968”, the letters and figures “IS 709 and IS 4859” shall be substituted;
(iv) in heading 4402, for sub-heading 4402 10 and tariff item 4402 10 10 and the entries relating thereto, the following shall be substituted, namely:—
            “4402 10 00 - Of bamboo             mt                 5%             -”;

(31) in Chapter 46, in heading 4601, after tariff item 4601 29 00 and the entries relating thereto, the following shall be inserted, namely:—
                “- Other:”

(32) in Chapter 48,—
(i) in heading 4818, in the entry in column (2) occurring against tariff item 4818 20 00, for the word “cleaning”, the word “cleansing” shall be substituted;
(ii) in the entry in column (2) occurring against heading 4820, for the words “EXCISE BOOKS”, the words “EXERCISE BOOKS” shall be substituted;
(33) in Chapter 53, in the entry in column (2) occurring against heading 5310, for the words “BASE FIBRES”, the words
    “BAST FIBRES” shall be substituted;
(34) in Chapter 55,—
(i) in heading 5502,—
(a) for the entry in column (2) occurring against sub-heading 5502 10, the following shall be substituted, namely:—
        “- Of cellulose acetate:”;
(b) for the entry in column (2) occurring against sub-heading 5502 90, the following shall be substituted, namely:—
            “- Other:”;
(ii) in heading 5504, for tariff item 5504 10 00 and the entries relating thereto, the following shall be substituted, namely:—

5504 10 - Of viscose rayon:
5504 10 10 - - - Obtained from wood other than bamboo         kg.     20% -
5504 10 20 - - - Obtained from bamboo                                   kg.     20% -
5504 10 90 - - - Other                                                              kg.     20% -”;

(35) in Chapter 56, in the entry in column (2) occurring against heading 5605, for the words “NOT GIMPED BEING TEXTILE YARN”, the words “NOT GIMPED, BEING TEXTILE YARN” shall be substituted;

(36) in Chapter 57,— (i) in heading 5701, for tariff item 5701 10 00, sub-heading 5701 90 and tariff items 5701 90 10 to 5701 90 20 and the entries relating thereto, the following shall be substituted, namely:—

“5701 10 - Of wool or fine animal hair:
5701 10 10 - - - Hand-made                                    m2    25% -
5701 10 90 - - - Other                                             m2    25% -
5701 90     - Of other textile materials:
                        - - - Of cotton:
5701 90 11     - - - - Hand-made                            m2     25% -
5701 90 19     - - - - Other                                     m2     25% -
5701 90 20     - - - Of coir including geo textile       m2     25% -
                        - - - Of silk:
5701 90 31     - - - - Hand-made                            m2    25% -
5701 90 39     - - - - Other                                     m2    25%

(ii) in heading 5702,—
(a) for the entry in column (2) occurring after the entry against sub-heading 5702 50, the following shall be substituted, namely:—
“- - - Of man-made textile materials:”;
(b) for the entry in column (2) occurring after the entry against tariff item 5702 50 29, the following shall be substituted, namely:—
“- - - Of other textile materials:”;

(37) in Chapter 59, in heading 5907, for the entry in column (2) occurring after the entry against tariff item 5907 00 19, the following shall be substituted, namely:—
“- - - Other:”;

(38) in Chapter 60, after Sub-heading Note, the following Supplementary Note shall be inserted, namely:—
“Supplementary Note:
Tariff items 6001 91 00, 6001 92 00 and sub-heading 6001 99 includes cut-pile fabrics produced through shearing of loops during or after the production of fabric.”;

(39) in Chapter 61,—
(i) in heading 6103, after tariff item 6103 10 90 and the entries relating thereto, the following shall be inserted, namely:—
“- Ensembles:”;

(ii) in heading 6115, after tariff item 6115 30 00 and the entries relating thereto, the following shall be inserted, namely:—
“- Other:”;

(40) in Chapter 62,—
(i) in Note 3, in clause (b), for the words “corresponding of compatible size”, the words “corresponding or compatible size” shall be substituted;

(ii) after Note 9, the following Supplementary Note shall be inserted, namely:—

“Supplementary Note:

For the purpose of this Chapter, “Khadi” means,—
(a) the article of apparel or clothing accessories, made from any cloth woven on handlooms in India from cotton, silk or woollen yarn handspun in India or from a mixture of any two or all of such yarns; and

(b) produced by a person certified or recognised by the Khadi Village Industries Commission established under section 4 of the Khadi and Village Industries Commission Act, 1956 (61 of 1956).”;

(iii) in heading 6203,—

(a) for tariff items 6203 29 00 to 6203 31 00 and the entries relating thereto, the following shall be substituted, namely

“6203 29 - - Of other textile materials:
- - - Of silk:
6203 29 11 - - - - Khadi     u     25% or Rs. 145 per piece, whichever is higher
6203 29 19 - - - - Other     u     25% or Rs. 145 per piece, whichever is higher
6203 29 90 - - - Other       u     25% or Rs. 145 per piece, whichever is higher
- Jackets and blazers:
6203 31 - - Of wool or fine animal hair:
6203 31 10 - - - Khadi         u     25% or Rs. 815 per piece, whichever is higher
6203 31 90 - - - Other         u     25% or Rs. 815 per piece, whichever is higher

(b) for tariff item 6203 39 10 and the entries relating thereto, the following shall be substituted, namely:

                    “- - - Of silk:
6203 39 11 - - - - Khadi     u     25% or Rs. 755 per piece, - whichever is higher
35 6203 39 19 - - - - Other u     25% or Rs. 755 per piece, -”; whichever is higher

(c) for tariff item 6203 42 00 and the entries relating thereto, the following shall be substituted, namely:

“6203 42
6203 42 10 - -- - - Of cotton:
Handloom u 25% or Rs. 135 per piece, whichever is higher
6203 42 90 - - - Other u 25% or Rs. 135 per piece, whichever is higher

(iv) in heading 6204,—
(a) for tariff item 6204 29 11 and the entries relating thereto, the following shall be substituted, namely:—
“6204 29 12 - - - - Khadi u 25% -”;

(b) for tariff item 6204 31 00 and the entries relating thereto, the following shall be substituted, namely:—

“6204 31             - - Of wool or fine animal hair:
6204 31 10         - - - Khadi                                 u         25% or Rs. 370 per piece, - whichever is higher
6204 31 90         - - - Other                                  u         25% or Rs. 370 per piece, -”; whichever is higher

“6204 39 12 - - - - Khadi u 25% or Rs. 350 per piece, -”; whichever is higher

(d) for the entry in column (2) occurring against tariff item 6204 42 20, the following shall be substituted, namely:-
“- - - Handloom”;
(e) for tariff item 6204 62 00 and the entries relating thereto, the following shall be substituted, namely:—
“6204 62     - - Of cotton:
6204 62 10 - - - Handloom u     25% or Rs. 135 per piece, - whichever is higher
6204 62 90     - - - Other     u     25% or Rs. 135 per piece, -”; whichever is higher

(v) in heading 6205,-
(a) for tariff item 6205 20 00 and the entries relating thereto, the following shall be substituted, namely: —

“6205 20 - Of cotton:
6205 20 10 - - - Handloom u 25% or Rs. 85 per piece, whichever is higher
6205 20 90 - - - Other u 25% or Rs. 85 per piece, -”;whichever is higher

(b) for tariff item 6205 90 10 and the entries relating thereto, the following shall be substituted, namely:— “- - - Of silk:
6205 90 11 - - - - Khadi u 25% or Rs. 95 per piece, - 10
whichever is higher
6205 90 19 - - - - Other u 25% or Rs. 95 per piece, -”; whichever is higher
(vi) in heading 6206, for tariff item 6206 30 00 and the entries relating thereto, the following shall be substituted, namely:—

“6206 30
6206 30 10 -
- - - Of cotton:
Handloom
u
25% or Rs. 95 per piece, 15
-
whichever is higher
6206 30 90 - - - Other u 25% or Rs. 95 per piece, whichever is higher -”;
(vii) in heading 6207, for tariff items 6207 19 90 to 6207 22 00 and the entries relating thereto, the following shall be 20
substituted, namely:—

“6207 19 90 - - -

- Other

Night shirts and pyjamas: u 25% or Rs.30 per piece, whichever is higher -
6207 21 - - Of cotton: 25
6207 21 10 - - - Handloom u 25% -
6207 21 90 - - - Other u 25% -
6207 22 00 - - Of man-made fibres u 25% -”;
(viii) in heading 6208, for tariff item 6208 21 00 and the entries relating thereto, the following shall be substituted,
namely:— 30
“6208 21 - - Of cotton:
6208 21 10 - - - Handloom u 25% -
6208 21 90 - - - Other u 25% -”;
(ix) in heading 6209, for tariff item 6209 20 00 and the entries relating thereto, the following shall be substituted, namely:-
“6209 20 - Of cotton: 35
6209 20 10 - - - Handloom u 25% -
6209 20 90 - - - Other u 25% -”;
(x) in heading 6211,-
(a) for tariff item 6211 39 00 and the entries relating thereto, the following shall be substituted, namely:-

“6211 39 - -
- - - Of other textile materials:
Of silk: 40
6211 39 11 - - - - Handloom u   25% -
6211 39 19 - - - - Other        u     25% -
6211 39 90     - - - Other      u     25% -”;

(b) after tariff item 6211 49 10 and the entries relating thereto, the following shall be inserted, namely:-
                    “- - - Of silk:
6211 49 21 - - - - Khadi     u     25% -
6211 49 29 - - - - Other     u     25% -”;

(xi) in heading 6214, for tariff items 6214 20 20 and 6214 20 30 and the entries relating thereto, the following shall be substituted, namely:
                    “ Scarves:
6214 20 21 - - - - Khadi     u     25% or Rs. 180 per piece, - whichever is higher
6214 20 29 - - - - Other     u     25% or Rs. 180 per piece, - whichever is higher

6214 20 31 - - -
                - - - - Mufflers:
                        Khadi              u        25% or Rs. 180 per piece, whichever is higher
6214 20 39 - - - - Other         u         25% or Rs. 180 per piece, whichever is higher -”;

(xii) in heading 6215, for tariff item 6215 10 00 and the entries relating thereto, the following shall be substituted, namely:

“6215 10         - Of silk or silk waste:
6215 10 10 - - - Khadi                     u         25% or Rs. 55 per piece, whichever is higher -
6215 10 90 - - - Other                     u         25% or Rs. 55 per piece, whichever is higher -”;

(41) in Chapter 68,—

(i) in Note 1, in clause (b), for the words “paper coated with mica”, the words “paper and paperboard coated with mica” shall be substituted;

(ii) in heading 6813, for sub-heading 6813 20, tariff items 6813 20 10 to 6813 89 00 and the entries relating thereto, the following shall be substituted, namely:—
6813 20         - Containing asbestos:
6813 20 10         - - - Brake lining and pads            kg.         15% -
6813 20 90         - - - Asbestos friction materials     kg.         15% -
                        - Not containing asbestos :
6813 81 00         - - Brake linings and pads            kg.            15% -
6813 89 00         - - Other                                     kg.            15% -”;

42) in Chapter 70,—
(i) in Sub-heading Note, for the figures “7013 91”, the figures “7013 91 00” shall be substituted;

(ii) in heading 7005, in the entry in column (2) occurring against sub-heading 7005 21, for the words and brackets “mass (body tinted) opacified”, the words and brackets “mass (body tinted), opacified” shall be substituted;

(iii) in the entry in column (2) occurring against heading 7018, for the words “JEWELLERY, GLASS”, the words “JEWELLERY; GLASS” shall be substituted;

(43) in Chapter 71,—

(i) in heading 7103, for sub-heading 7103 10 and tariff items 7103 10 11 to 7103 99 90 and the entries relating thereto, the following shall be substituted, namely:—

“7103 10 -
- - - Unworked or simply sawn or roughly shaped: Precious or semi-precious stones of “Beryl”
and “Chrysoberyl” mineralogical species:
7103 10 31 - - - - Emerald                                                         kg.        10% -
7103 10 32 - - - - Yellow/golden/pink/red/green beryl                   kg.         10% -
7103 10 33 - - - - Chrysoberyl (including chrysoberyl cat’s eye)    kg.         10% -
7103 10 34 - - - - Alexandrite (including alexandrite cat’s eye)      kg.         10% -
7103 10 39 - - - - Other                                                             kg.        10% -
                    - - - Precious or semi-precious stones of “Corundum”
                    and “Feldspar” mineralogical species:
7103 10 41 - - - - Ruby                                                              kg.         10% -
7103 10 42 - - - - Sapphire                                                         kg.        10% -
7103 10 43 - - - - Moonstone                                                     kg.          10% -
7103 10 49 - - - - Other                                                             kg.          10% -
                - - - Precious or semi-precious stones of “Garnet”
                        and “Lazurite” mineralogical species:
7103 10 51 - - - - Garnet                                                            kg.         10% -
7103 10 52 - - - - Lapis-lazuli                                                      kg.          10% -
7103 10 59 - - - - Other                                                             kg.        10% -
                    - - - Precious or semi-precious stones of “Prehnite”
                            and “Quartz” mineralogical species:
7103 10 61 - - - - Prehnite                                                          kg.        10% -
7103 10 62 - - - - Agate                                                               kg.         10% -
7103 10 63 - - - - Aventurine                                                       kg.         10% -

7103 10 64 - - - - Chalcedony                                                        kg.       10% -
7103 10 69 - - - - Other                                                                 kg.       10% -
                    - - - Precious or semi-precious stones of “Tourmaline”
                            and “Zoisite” mineralogical species:
7103 10 71 - - - - Tourmaline                                                         kg.         10% -
7103 10 72 - - - - Tanzanite                                                           kg.         10% -
7103 10 79 - - - - Other                                                                 kg.         10% -
7103 10 90 - - - Other                                                                   kg.         10% -
                            - Otherwise worked:
7103 91 - - Ruby, sapphire and emeralds:
7103 91 10 - - - Ruby                                                                    c/k          10% -
7103 91 20 - - - Sapphire                                                               c/k          10% -
7103 91 30 - - - Emeralds c/k 10% -
7103 99 - - Other:
                - - - Precious or semi-precious stones of “Beryl”
                and “Chrysoberyl” mineralogical species, other
                than “Emerald”:
7103 99 11 - - - - Yellow/golden/pink/red/green beryl                         c/k         10% -
7103 99 12 - - - - Chrysoberyl (including chrysoberyl cat’s eye)         c/k         10% -
7103 99 13 - - - - Alexandrite (including alexandrite cat’s eye)             c/k         10% -
7103 99 19 - - - - Other c/k 10% -
                    - - - Precious or semi-precious stones of “Corundum”
                and “Feldspar” mineralogical species, other than
                “Ruby” and “Sapphire”:
7103 99 21 - - - - Moonstone                                                             c/k         10% -
7103 99 29 - - - - Other                                                                     c/k         10% -
                    - - - Precious or semi-precious stones of “Garnet”
                    and “Lazurite” mineralogical species:
7103 99 31 - - - - Garnet                                                                     c/k         10% -
7103 99 32 - - - - Lapis-lazuli                                                               c/k         10% -
7103 99 39 - - - - Other                                                                       c/k         10% -
                    - - - Precious or semi-precious stones of “Prehnite”
                    and “Quartz” mineralogical species:
7103 99 41 - - - - Prehnite                                                                     c/k         10% -
7103 99 42 - - - - Agate                                                                        c/k          10% -
7103 99 43 - - - - Aventurine                                                                 c/k           10% -
7103 99 44 - - - - Chalcedony                                                                 c/k         10% -
7103 99 49 - - - - Other                                                                         c/k          10% -
                   - - - Precious or semi-precious stones of “Tourmaline”
                    and “Zoisite” mineralogical species:
7103 99 51 - - - - Tourmaline                                                                    c/k         10%      -
7103 99 52 - - - - Tanzanite                                                                        c/k       10%      -
7103 99 59 - - - - Other                                                                             c/k      10%      -”;
7103 99 90 - - - Other                                                                                c/k       10%      -”;

(ii) in heading 7104, for tariff item 7104 20 00 and the entries relating thereto, the following shall be substituted, namely:—
“7104 20 - Other, unworked or simply sawn or roughly shaped:
7104 20 10 - - - Laboratory-created or laboratory grown or                     kg.         10%             -
manmade or cultured or synthetic diamonds
7104 20 90 - - - Other                 kg.             10%     -”;
(iii) in heading 7106,-
(a) for tariff item 7106 91 00 and the entries relating thereto, the following shall be substituted, namely:—
“7106 91 - - Unwrought:
7106 91 10 - - - Grains             kg.                12.5%     -
7106 91 90 - - - Other             kg.                 12.5%     -”;

(b) after tariff item 7106 92 10 and the entries relating thereto, the following shall be inserted, namely:—
“7106 92 20 - - - Bar kg. 12.5% -”;

(44) in Chapter 72, in heading 7222, for the entry in column (2) occurring after the entry against tariff item 7222 20 19, the following shall be substituted, namely:—

“- - - Other:”;

(45) in Chapter 73, in heading 7304,-

(i) for the entry in column (2) occurring against tariff item 7304 22 00, the following shall be substituted, namely:—

“- - Drill pipe of stainless steel”;

(ii) for the entry in column (2) occurring against tariff item 7304 23 90, the following shall be substituted, namely:—
“- - - Other”;
(iii) for the entry in column (2) occurring after the entry against tariff item 7304 49 00, the following shall be substituted, namely:—

“- Other, of circular cross section, of alloy steel:”;

(46) in Chapter 74, in heading 7404,—

(i) for tariff item 7404 00 21 and the entries relating thereto, the following shall be substituted, namely:—

“7404 00 21 - - - - Empty or discharged cartridges of all bores                 kg.             5%         -”;
                        and sizes, including the following:clean fired
                        70/30 brass shells free of bullets, iron and
                        any other foreign material covered by
                        ISRI code word ‘Lake’;clean muffled
                        (popped) 70/30 brass shells free of bullets,
                    iron and any other foreign material covered
                    by ISRI code word ‘Lamb’

(ii) in the entry in column (2) occurring against tariff item 7404 00 22, the portion beginning with the words “manganese bronze solids” and ending with the words “code word ‘Lamb’;” shall be omitted;

(iii) for tariff item 7404 00 23 and the entries relating thereto, the following shall be substituted, namely:—

“7404 00 24 - - - - Bronze scrap, including the following:manganese bronze solids covered ISRI code word ‘Parch’;
                                High lead bronze solids and borings covered by                                                                             kg.          5%
                                ISRI code word ‘Elias’
7404 00 25 - - - - Copper nickel scrap, including the following:                                                                                         kg           5%
                            new cupro nickel clips and solids covered by
                            ISRI code word ‘Dandy’; cupro nickel solids
                            covered by ISRI code word ‘Daunt’; soldered
                            cupro-nickel solids covered by ISRI code word
                            ‘Delta’; cupro nickel spinnings, turnings,
                            borings covered by ISRI code word ‘Decoy’;

(47) in Chapter 75, in heading 7503, in the entry in column (2) occurring against tariff item 7503 00 10, the portion beginning with the words “new cupro nickel clips” and ending with the words “code word ‘Depth’;” shall be omitted;

(48) in Chapter 76, in heading 7602, in the entry in column (2) occurring against tariff item 7602 00 10,-
(i) the words and letters “Sweated aluminium covered by ISRI code word ‘Throb’;” shall be omitted;
(ii) the words and letters “Aluminium drosses, spatterns, spellings, skimmings and sweepings covered by ISRI code word ‘Thirl’;” shall be omitted;

(49) in Chapter 78, in heading 7802, in the entry in column (2) occurring against tariff item 7802 00 10,—
(i) the words and letters “lead covered copper cable covered by ISRI code word ‘Relay’;” shall be omitted;
(ii) the portion beginning with the words “Lead battery plates” and ending with the words “code word ‘Rents’;” shall be omitted;

(50) in Chapter 79, in heading 7902, in the entry in column (2) occurring against tariff item 7902 00 10,—
(i) the words and letters “Zinc die cast slabs or pigs covered by ISRI code word ‘Scull’;” shall be omitted;
(ii) the portion beginning with the words “Hot dip galvanizers” and ending with the words “corrosion or ‘oxidation’;” shall be omitted;

(51) in Chapter 85,—
(i) in heading 8517,––
(a) for tariff items 8517 12 10 and 8517 12 90 and entries relating thereto, the following shall be substituted, namely:—
                    “- - - Telephones for cellular networks:
8517 12 11 - - - - Mobile phones, other than push button type u        20% -
8517 12 19 - - - - Mobile phones, push button type                 u        20%
8517 12 90 - - - Telephones for other wireless networks         u         20%     -”;
(b) tariff item 8517 69 30 and the entries relating thereto, shall be omitted;
(ii) in heading 8525, for sub-heading 8525 60 and tariff items 8525 60 11 to 8525 60 99 and the entries relating thereto, the following shall be substituted, namely:—
“8525 60 00 - Transmission apparatus incorporating     u                   Free         -”
                         reception apparatus
(iii) in heading 8527, for sub-heading 8527 99 and tariff items 8527 99 11 to 8527 99 90 and the entries relating thereto, the following shall be substituted, namely:—
“8527 99 00 - - Other         u             10%         -”;

(52) in Chapter 90, in heading 9018, for tariff items 9018 90 29 to 9018 90 33 and entries relating thereto, the following shall
be substituted, namely:—

“9018 90 29 - - - - Other                                                         u            10%     -
                    - - - Artificial kidney (dialysis) apparatus, blood
                    transfusion apparatus:
9018 90 31 - - - - Artificial kidney (dialysis) apparatus                 u          10%     -
9018 90 32 - - - - Blood transfusion apparatus                             u         10%     -”.

------------------

DR. G. NARAYANA RAJU,
Secretary to the Govt. of India.