MINISTRY OF LAW AND JUSTICE
(Legislative Department)


New Delhi, the 14th May, 2015/Vaisakha 24, 1937 (Saka) The following Act of Parliament received the assent of the President on the 14th May, 2015, and is hereby published for general information:—

THE FINANCE ACT, 2015
NO. 20 OF 2015


[14th May, 2015.]

An Act to give effect to the financial proposals of the Central Government for the financial year 2015-2016.
BE it enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:—


CHAPTER I
PRELIMINARY

1. (1) This Act may be called the Finance Act, 2015.


(2) Save as otherwise provided in this Act, sections 2 to 81 shall be deemed to have come into force on the 1st day of April, 2015.

 

CHAPTER IV
INDIRECT TAXES
Customs

82. In the Customs Act, 1962 (hereinafter referred to as the Customs Act), in section 28,—


(a) in sub-section (2), the following proviso shall be inserted, namely:—


“Provided that where notice under clause (a) of sub-section (1) has been served and the proper officer is of the opinion that the amount of duty along with interest payable thereon under section 28AA or the amount of interest, as the case may be, as specified in the notice, has been paid in full within thirty days from the date of receipt of the notice, no penalty shall be levied and the proceedings against such person or other persons to whom the said notice is served under clause (a) of sub-section (1) shall be deemed to be concluded.”;


(b) in sub-section (5), for the words “twenty-five per cent.”, the words “fifteen per cent.” shall be substituted;


(c) after Explanation 2, the following Explanation shall be inserted, namely:—


“Explanation 3.— For the removal of doubts, it is hereby declared that the proceedings in respect of any case of non-levy, short-levy, non-payment, shortpayment or erroneous refund where show cause notice has been issued under sub section (1) or sub-section (4), as the case may be, but an order determining duty undersub-section (8) has not been passed before the date on which the Finance Bill, 2015 receives the assent of the President, shall, without prejudice to the provisions of sections 135, 135A and 140, as may be applicable, be deemed to be concluded, if the payment of duty, interest and penalty under the proviso to sub-section (2) or under sub-section (5), as the case may be, is made in full within thirty days from the date on which such assent is received.”.

83. In the Customs Act, in section 112, in clause (b), for sub-clause (ii), the following sub-clause shall be substituted, namely:—


“(ii) in the case of dutiable goods, other than prohibited goods, subject to the provisions of section 114A, to a penalty not exceeding ten per cent. of the duty sought to be evaded or five thousand rupees, whichever is higher:


Provided that where such duty as determined under sub-section (8) of section 28 and the interest payable thereon under section 28AA is paid within thirty days from the date of communication of the order of the proper officer determining such duty, the amount of penalty liable to be paid by such person under this section shall be twenty five per cent. of the penalty so determined;”.


84. In the Customs Act, in section 114, for clause (ii), the following clause shall be substituted, namely:—


“(ii) in the case of dutiable goods, other than prohibited goods, subject to the provisions of section 114A, to a penalty not exceeding ten per cent. of the duty sought to be evaded or five thousand rupees, whichever is higher:


Provided that where such duty as determined under sub-section (8) of section 28 and the interest payable thereon under section 28AA is paid within thirty days from the date of communication of the order of the proper officer determining such duty, the
amount of penalty liable to be paid by such person under this section shall be twenty five per cent. of the penalty so determined;”.


85. In the Customs Act, in section 127A, in clause (b), in the proviso, the words “in any appeal or revision, as the case may be,” shall be omitted.


86. In the Customs Act, in section 127B, sub-section (1A) shall be omitted.


87. In the Customs Act, in section 127C, sub-section (6) shall be omitted.


88. In the Customs Act, section 127E shall be omitted.


89. In the Customs Act, in section 127H, in sub-section (1), the Explanation shall be omitted.


90. In the Customs Act, in section 127L, in sub-section (1),—


(a) in clause (i), the words, brackets, figures and letters “passed under sub-section (7) of section 127C, as it stood immediately before the commencement of section 102 of the Finance Act, 2007 or sub-section (5) of section 127C” shall be omitted;


(b) in clause (ii), the words, brackets, figures and letter “under said sub-section (7), as it stood immediately before the commencement of section 102 of the Finance Act, 2007 or sub-section (5) of section 127C” shall be omitted.

Customs Tariff

91. In the Customs Tariff Act, 1975 (hereinafter referred to as the Customs Tariff Act), the First Schedule shall be amended in the manner specified in the Second Schedule.


Central Excise

92. In the Central Excise Act, 1944 (hereinafter referred to as the Central Excise Act), in section 3A, after Explanation 2, the following Explanation shall be inserted, namely:—


‘Explanation 3.–– For the purposes of sub-sections (2) and (3), the word “factor” includes “factors”.

93. In the Central Excise Act , in section 11A,––


(i) sub-sections (5), (6) and (7) shall be omitted;


(ii) in sub-sections (7A), (8) and clause (b) of sub-section (11), the words, brackets and figure “or sub-section (5)”, wherever they occur, shall be omitted;


(iii) in Explanation 1,––


(A) in clause (b), in sub-clause (ii), the words “on due date” shall be omitted;


(B) after sub-clause (v), the following sub-clause shall be inserted, namely :—


“(vi) in the case where only interest is to be recovered, the date of payment of duty to which such interest relates.”;


(C) clause (c) shall be omitted;


(iv) after sub-section (15), the following sub-section shall be inserted, namely :—


“(16) The provisions of this section shall not apply to a case where the liability of duty not paid or short-paid is self-assessed and declared as duty payable by the assessee in the periodic returns filed by him, and in such case, recovery of non-payment or short-payment of duty shall be made in such manner as may be prescribed.”.


(v) for Explanation 2, the following Explanation shall be substituted, namely :—


“Explanation 2.— For the removal of doubts, it is hereby declared that any non-levy, short-levy, non-payment, short-payment or erroneous refund where no show cause notice has been issued before the date on which the Finance Bill, 2015 receives the assent of the President, shall be governed by the provisions of section 11A as amended by the Finance Act, 2015.”;


94. In the Central Excise Act, for section 11AC, the following section shall be substituted, namely:—


“11AC. (1) The amount of penalty for non-levy or short-levy or non-payment or short-payment or erroneous refund shall be as follows:—


(a) where any duty of excise has not been levied or paid or has been short-levied or short-paid or erroneously refunded, for any reason other than the reason of fraud or collusion or any wilful mis-statement or suppression of facts or contravention of any of the provisions of this Act or of the rules made thereunder with intent to evade payment of duty, the person who is liable to pay duty as determined under sub-section (10) of section 11A shall also be liable to pay a penalty not exceeding ten per cent. of the duty so determined or rupees five thousand, whichever is higher:


Provided that where such duty and interest payable under section 11AA is paid either before the issue of show cause notice or within thirty days of issue of show cause notice, no penalty shall be payable by the person liable to pay duty or the person who has paid the duty and all proceedings in respect of said duty and interest shall be deemed to be concluded;


(b) where any duty as determined under sub-section (10) of section 11A and the interest payable thereon under section 11AA in respect of transactions referred to in clause (a) is paid within thirty days of the date of communication of the order of the Central Excise Officer who has determined such duty, the amount of penalty liable to be paid by such person shall be twenty-five per cent. of the penalty imposed, subject to the condition that such reduced penalty is also paid within the period so specified;


(c) where any duty of excise has not been levied or paid or has been short-levied or short-paid or erroneously refunded, by reason of fraud or collusion or any wilful mis-statement or suppression of facts, or contravention of any of the provisions of this Act or of the rules made thereunder with intent to evade payment of duty, the person who is liable to pay duty as determined under sub section (10) of section 11A shall also be liable to pay a penalty equal to the duty so determined:


Provided that in respect of the cases where the details relating to such transactions are recorded in the specified record for the period beginning with the 8th April, 2011 up to the date on which the Finance Bill, 2015 receives the assent of the President (both days inclusive), the penalty shall be fifty percent. of the duty so determined;


(d) where any duty demanded in a show cause notice and the interest payable thereon under section 11AA, issued in respect of transactions referred to in clause (c), is paid within thirty days of the communication of show cause notice, the amount of penalty liable to be paid by such person shall be fifteen percent. of the duty demanded, subject to the condition that such reduced penalty
is also paid within the period so specified and all proceedings in respect of the said duty, interest and penalty shall be deemed to be concluded;


(e) where any duty as determined under sub-section (10) of section 11A and the interest payable thereon under section 11AA in respect of transactions referred to in clause (c) is paid within thirty days of the date of communication of the order of the Central Excise Officer who has determined such duty, the amount of penalty liable to be paid by such person shall be twenty-five per cent. of theduty so determined, subject to the condition that such reduced penalty is also paid within the period so specified.


(2) Where the appellate authority or tribunal or court modifies the amount of duty of excise determined by the Central Excise Officer under sub-section (10) of section 11A, then, the amount of penalty payable under clause (c) of sub-section (1) and the interest payable under section 11AA shall stand modified accordingly and after taking into account the amount of duty of excise so modified, the person who is liable to pay duty as determined under sub-section (10) of section 11A shall also be liable to pay such amount of penalty and interest so modified.


(3) Where the amount of duty or penalty is increased by the appellate authority or tribunal or court over the amount determined under sub-section (10) of section 11A by the Central Excise Officer, the time within which the interest and the reduced penalty
is payable under clause (b) or clause (e) of sub-section (1) in relation to such increased amount of duty shall be counted from the date of the order of the appellate authority ortribunal or court.


Explanation 1.— For the removal of doubts, it is hereby declared that—


(i) any case of non-levy, short-levy, non-payment, short-payment or erroneous refund where no show cause notice has been issued before the date on which the Finance Bill, 2015 receives the assent of the President shall be governed by the provisions of section 11AC as amended by the Finance Act, 2015;


(ii) any case of non-levy, short-levy, non-payment, short-payment or erroneous refund where show cause notice has been issued but an order determining duty under sub-section (10) of section 11A has not been passed before the date on which the Finance Bill, 2015 receives the assent of the President, shall be eligible to closure of proceedings on payment of duty and interest under
the proviso to clause (a) of sub-section (1) or on payment of duty, interest and penalty under clause (d) of sub-section (1), subject to the condition that the payment of duty, interest and penalty, as the case may be, is made within thirty days from the date on which the Finance Bill, 2015 receives the assent of the President;


(iii) any case of non-levy, short-levy, non-payment, short-payment or erroneous refund where an order determining duty under sub-section (10) of section 11A is passed after the date on which the Finance Bill, 2015 receives the assent of the President shall be eligible to payment of reduced penalty under clause (b) or clause (e) of sub-section (1), subject to the condition that the
payment of duty, interest and penalty is made within thirty days of the communication of the order.


Explanation 2.–– For the purposes of this section, the expression “specified records” means records maintained by the person chargeable with the duty in accordance with any law for the time being in force and includes computerised records.”.


95. In the Central Excise Act, in section 31, in clause (c), in the proviso, the words “in any appeal or revision, as the case may be,” shall be omitted.


96. In the Central Excise Act, in section 32, in sub-section (3), the proviso shall be omitted.


97. In the Central Excise Act, in section 32B, for the words “, as the case may be, such one of the Vice-Chairmen”, at both the places where they occur, the words “the Member” shall be substituted.


98. In the Central Excise Act, in section 32E, sub-section (1A) shall be omitted.


99. In the Central Excise Act, in section 32F, in sub-section (6), for the words, figures and letters “on or before the 31st day of May, 2007, later than the 29th day of February, 2008 and in respect of an application made on or after the 1st day of June, 2007,” shall be omitted.


100. In the Central Excise Act, section 32H shall be omitted.


101. In the Central Excise Act, in section 32K, in sub-section (1), the Explanation shall be omitted.


102. In the Central Excise Act, in section 32-O, in sub-section (1),—


(a) in clause (i), the words, brackets, figures and letters “passed under subsection (7) of section 32F, as it stood immediately before the commencement of section 122 of the Finance Act, 2007 or sub-section (5) of section 32F” shall be omitted;


(b) in clause (ii), the words, brackets, figures and letter “under the said subsection (7), as it stood immediately before the commencement of section 122 of the Finance Act, 2007 or sub-section (5) of section 32F” shall be omitted.


103. In the Central Excise Act, in section 37, in sub-sections (4) and (5), for the words “two thousand rupees”, the words “five thousand rupees” shall be substituted.


104. (1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 163 (E), dated the 17th March, 2012, issued under sub-section (1) of section 5A of the Central Excise Act, 1944 (hereinafter referred to as the Central Excise Act), shall stand amended and shall be deemed to have been amended, retrospectively, in the manner specified in column (2) of the Third Schedule, on and from and up to the date specified in column (3) of that Schedule.


(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 with retrospective effect as if the Central Government had the power to amend the said notification under sub-section (1) ofsection 5A of the Central Excise Act, retrospectively, at all material times.


(3) Refund shall be made of all such duty of excise which has been collected but which would not have been so collected, had the notification referred to in sub-section (1), been in force at all material times, subject to the provisions of section 11B of the Central Excise Act.


(4) Notwithstanding anything contained in section 11B of the Central Excise Act, an application for the claim of refund of duty of excise under sub-section (3) shall be made within a period of six months from the date on which the Finance Bill, 2015 receives the assent of the President.


105. In the Central Excise Act, the Third Schedule shall be amended in the manner specified in the Fourth Schedule.


Central Excise Tariff

106. In the Central Excise Tariff Act, 1985 (hereinafter referred to as the Central Excise Tariff Act), the First Schedule shall be amended in the manner specified in the Fifth Schedule.

 


CHAPTER V
SERVICE TAX


107. In the Finance Act, 1994 (hereinafter referred to as the1994 Act), save as otherwiseprovided, in section 65B,—


(a) clause (9) shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint;


(b) after clause (23), the following clause shall be inserted, namely:—


‘(23A) “foreman of chit fund” shall have the same meaning as is assigned to the term “foreman” in clause (j) of section 2 of the Chit Funds Act, 1982;’;


(c) clause (24) shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint;


(d) after clause (26), the following clause shall be inserted, namely:—


‘(26A) “Government” means the Departments of the Central Government, a State Government and its Departments and a Union territory and its Departments, but shall not include any entity, whether created by a statute or otherwise, the accounts of which are not required to be kept in accordance with article 150 of the Constitution or the rules made thereunder;’;


(e) after clause (31), the following clause shall be inserted, namely:—


‘(31A) “lottery distributor or selling agent” means a person appointed or authorised by a State for the purposes of promoting, marketing, selling or facilitating in organising lottery of any kind, in any manner, organised by such State in accordance with the provisions of the Lotteries (Regulation) Act, 1998;’;


(f) in clause (40), the words “alcoholic liquors for human consumption,” shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint;

(g) in clause (44), for Explanation 2, the following Explanation shall be substituted, namely:—


‘Explanation 2.—For the purposes of this clause, the expression “transaction in money or actionable claim” shall not include––


(i) any activity relating to use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged;


(ii) any activity carried out, for a consideration, in relation to, or for facilitation of, a transaction in money or actionable claim, including the activity carried out––


(a) by a lottery distributor or selling agent in relation to promotion, marketing, organising, selling of lottery or facilitating in
organising lottery of any kind, in any other manner;


(b) by a foreman of chit fund for conducting or organising a chit in any manner.’;

(h) clause (49) shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint.Refer Vide Notification No. 15/2016-Service Tax Dated 01/03/2016


108. In section 66B of the 1994 Act, with effect from such date as the Central Government may, by notification in the Official Gazette, appoint, for the words “twelve per cent.”, the words “fourteen per cent.” shall be substituted.


109. In section 66D of the 1994 Act, with effect from such date as the Central Government may, by notification in the Official Gazette, appoint,—


(1) in clause (a), in sub-clause (iv), for the words “support services”, the words “any service” shall be substituted; Refer Vide Notification No. 06/2016-Service Tax Dated 18/02/2016


(2) for clause (f), the following clause shall be substituted, namely:—


“(f) services by way of carrying out any process amounting to manufacture or production of goods excluding alcoholic liquor for human consumption;”;


(3) in clause (i), the following Explanation shall be inserted, namely:—


‘Explanation.– For the purposes of this clause, the expression “betting,gambling or lottery” shall not include the activity specified in Explanation 2 to clause (44) of section 65B;’;


(4) clause (j) shall be omitted.


110. In section 66F of the 1994 Act, in sub-section (1), the following Illustration shall be inserted, namely:—


‘Illustration

The services by the Reserve Bank of India, being the main service within the meaning of clause (b) of section 66D, does not include any agency service provided or agreed to be provided by any bank to the Reserve Bank of India. Such agency service,
being input service, used by the Reserve Bank of India for providing the main service, for which the consideration by way of fee or commission or any other amount is received by the agent bank, does not get excluded from the levy of service tax by virtue
of inclusion of the main service in clause (b) of the negative list in section 66D and hence, such service is leviable to service tax.’.

111. In section 67 of the 1994 Act, in the Explanation, for clause (a), the following clause shall be substituted, namely:—


‘(a) “consideration” includes–


(i) any amount that is payable for the taxable services provided or to be provided;


(ii) any reimbursable expenditure or cost incurred by the service provider and charged, in the course of providing or agreeing to provide a taxable service, except in such circumstances, and subject to such conditions, as may be prescribed;


(iii) any amount retained by the lottery distributor or selling agent from gross sale amount of lottery ticket in addition to the fee or commission, if any, or, as the case may be, the discount received, that is to say, the difference in the face value of lottery ticket and the price at which the distributor or selling agent gets such ticket.’.


112. In section 73 of the 1994 Act,—


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


“(1B) Notwithstanding anything contained in sub-section (1), in a case where the amount of service tax payable has been self-assessed in the return furnished under sub-section (1) of section 70, but not paid either in full or in part, the same shall be recovered along with interest thereon in any of the modes specified in section 87, without service of notice under sub-section (1).”;


(ii) sub-section (4A) shall be omitted.


113. For section 76 of the 1994 Act, the following section shall be substituted, namely:—


“76. (1) Where service tax has not been levied or paid, or has been short-levied or short-paid, or erroneously refunded, for any reason, other than the reason of fraud or collusion or wilful mis-statement or suppression of facts or contravention of any of
the provisions of this Chapter or of the rules made thereunder with the intent to evade payment of service tax, the person who has been served notice under sub-section (1) of section 73 shall, in addition to the service tax and interest specified in the notice, be
also liable to pay a penalty not exceeding ten per cent. of the amount of such service tax:


Provided that where service tax and interest is paid within a period of thirty days of––


(i) the date of service of notice under sub-section (1) of section 73, no penalty shall be payable and proceedings in respect of such service tax and interest shall be deemed to be concluded;


(ii) the date of receipt of the order of the Central Excise Officer determining the amount of service tax under sub-section (2) of section 73, the penalty payable shall be twenty-five per cent. of the penalty imposed in that order, only if such reduced penalty is also paid within such period.


(2) Where the amount of penalty is increased by the Commissioner (Appeals), the Appellate Tribunal or the court, as the case may be, over the above the amount as determined under sub-section (2) of section 73, the time within which the reduced
penalty is payable under clause (ii) of the proviso to sub-section (1) in relation to such increased amount of penalty shall be counted from the date of the order of the Commissioner (Appeals), the Appellate Tribunal or the court, as the case may be.”.

114. For section 78 of the 1994 Act, the following section shall be substituted, namely:—


“78. (1) Where any service tax has not been levied or paid, or has been short levied or short-paid, or erroneously refunded, by reason of fraud or collusion or wilful mis-statement or suppression of facts or contravention of any of the provisions of this
Chapter or of the rules made thereunder with the intent to evade payment of service tax, the person who has been served notice under the proviso to sub-section (1) of section 73 shall, in addition to the service tax and interest specified in the notice, be
also liable to pay a penalty which shall be equal to hundred per cent. of the amount of such service tax:


Provided that in respect of the cases where the details relating to such transactions are recorded in the specified records for the period beginning with the 8th April, 2011 upto the date on which the Finance Bill, 2015 receives the assent of the President (both days inclusive), the penalty shall be fifty per cent. of the service tax so determined:


Provided further that where service tax and interest is paid within a period of thirty days of ––


(i) the date of service of notice under the proviso to sub-section (1) of section 73, the penalty payable shall be fifteen per cent. of such service tax and proceedings in respect of such service tax, interest and penalty shall be deemed to be concluded;


(ii) the date of receipt of the order of the Central Excise Officer determining the amount of service tax under sub-section (2) of section 73, the penalty payable shall be twenty-five per cent. of the service tax so determined:


Provided also that the benefit of reduced penalty under the second proviso shall be available only if the amount of such reduced penalty is also paid within such period:


Explanation.—For the purposes of this sub-section, “specified records” means records including computerised data as are required to be maintained by an assessee in accordance with any law for the time being in force or where there is no such
requirement, the invoices recorded by the assessee in the books of accounts shall be considered as the specified records.


(2) Where the Commissioner (Appeals), the Appellate Tribunal or the court, as the case may be, modifies the amount of service tax determined under sub-section (2) of section 73, then the amount of penalty payable under sub-section (1) and the interest payable thereon under section 75 shall stand modified accordingly, and after taking into account the amount of service tax so modified, the person who is liable to pay such amount of service tax, shall also be liable to pay the amount of penalty and
interest so modified.


(3) Where the amount of service tax or penalty is increased by the Commissioner (Appeals), the Appellate Tribunal or the court, as the case may be, over and above the amount as determined under sub-section (2) of section 73, the time within which the interest and the reduced penalty is payable under clause (ii) of the second provisio to sub-section (1) in relation to such increased amount of service tax shall be counted from the date of the order of the Commissioner (Appeals), the Appellate Tribunal or the
court, as the case may be.


115. After section 78A of the 1994 Act, the following section shall be inserted, namely:—

“78B. (1) Where, in any case,––


(a) service tax has not been levied or paid or has been short-levied or short-paid or erroneously refunded and no notice has been served under sub-section (1) of section 73 or under the proviso thereto, before the date on which the Finance Bill, 2015 receives the assent of the President; or


(b) service tax has not been levied or paid or has been short-levied or short-paid or erroneously refunded and a notice has been served under sub-section (1) of section 73 or under the proviso thereto, but no order has been passed under sub-section (2) of section 73, before the date on which the Finance Bill, 2015 receives the assent of the President, then, in respect of such cases, the provisions of section 76 or section 78, as the case may be, as amended by the Finance Act, 2015 shall be applicable.


(2) In cases where show cause notice has been issued under sub-section (1) of section 73 or under the proviso thereto, but no order has been passed under sub-section (2) of section 73 before the date on which the Finance Bill, 2015 receives the assent of the President, the period of thirty days for the purpose of closure of proceedings on the payment of service tax and interest under clause (i) of the proviso to sub-section (1) of section 76 or on the payment of service tax, interest and penalty under clause (i) of the second proviso to sub-section (1) of section 78, shall be counted from the date on which the Finance Bill, 2015 receives the assent of the President.”


116. Section 80 of the 1994 Act shall be omitted.


117. In section 86 of the 1994 Act, in sub-section (1), ––


(a) for the words “Any assessee”, the words “Save as otherwise provided herein, an assessee” shall be substituted;


(b) the following provisos shall be inserted, namely:—


“Provided that where an order, relating to a service which is exported, has been passed under section 85 and the matter relates to grant of rebate of service tax on input services, or rebate of duty paid on inputs, used in providing such service, such order shall be dealt with in accordance with the provisions of section 35EE of the Central Excise Act, 1944:


Provided further that all appeals filed before the Appellate Tribunal in respect of matters covered under the first proviso, after the coming into force of the Finance Act, 2012, and pending before it up to the date on which the Finance Bill, 2015 receives the assent of the President, shall be transferred and dealt with in accordance with the provisions of section 35EE of the Central Excise
Act, 1944.”.


118. In section 94 of the 1994 Act, in sub-section (2), for clause (aa), the following clause shall be substituted, namely:—


“(aa) determination of the amount and value of taxable service, the manner thereof, and the circumstances and conditions under which an amount shall not be a consideration, under section 67;”.


CHAPTER VI
SWACHH BHARAT CESS


119. (1) This Chapter shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

Refer vide : Notification No. 21/2015-Service Tax dated 6/11/2015

(2) There shall be levied and collected in accordance with the provisions of this Chapter, a cess to be called the Swachh Bharat Cess, as service tax on all or any of the taxable services at the rate of two per cent. on the value of such services for the purposes of financing and promoting Swachh Bharat initiatives or for any other purpose relating thereto.

Refer vide : Notification No. 22/2015-Service Tax dated 6/11/2015


(3) The Swachh Bharat Cess leviable under sub-section (2) shall be in addition to any cess or service tax leviable on such taxable services under Chapter V of the Finance Act, 1994, or under any other law for the time being in force.


(4) The proceeds of the Swachh Bharat Cess levied under sub-section (2) shall first be credited to the Consolidated Fund of India and the Central Government may, after due appropriation made by Parliament by law in this behalf, utilise such sums of money of the Swachh Bharat Cess for such purposes specified in sub-section (2), as it may consider necessary.


(5) The provisions of Chapter V of the Finance Act, 1994 and the rules made thereunder, including those relating to refunds and exemptions from tax, interest and imposition of penalty shall, as far as may be, apply in relation to the levy and collection of the Swachh Bharat Cess on taxable services, as they apply in relation to the levy and collection of tax on such taxable services under Chapter V of the Finance Act, 1994 or the rules made thereunder, as the case may be.


CHAPTER VII
SENIOR CITIZENS’ WELFARE FUND
PART I
PRELIMINARY


120. (1) This Chapter extends to the whole of India.


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


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


(1) “Committee” means the Inter-Ministerial Committee constituted under section 123;


(2) “eligible interest” means an interest on the principal transferred to the Fund at the rate notified by the Central Government;


(3) “Financial Year” means the period commencing on the 1st day of April and ending on the 31st day of March every year;


(4) “Fund” means the Fund established under section 122;


(5) “inoperative account” means an account under any of the schemes specified by or under sub-section (2) of section 122 and not operated upon for a period of three years if operable on regular basis, or if there is a date of maturity, from the date of maturity, as the case may be;


(6) “Institution” means any bank, Post Office or any other institution notified by the Central Government which is holding the inoperative accounts having unclaimed amounts;


(7) “notification” means a notification published in the Official Gazette;


(8) “prescribed” means prescribed by rules made by the Central Government under this Chapter;


(9) “senior citizen” means a citizen of India who has attained the age of sixty years or above;


(10) “unclaimed amount” means the amount as referred to in sub-section (2) of section 122.

PART II
ESTABLISHMENT AND ADMINISTRATION OF THE FUND


122. (1) The Central Government shall establish a Fund to be called the “Senior Citizens’ Welfare Fund”.


(2) Any credit balance in any of the accounts under the following schemes remaining unclaimed for a period of seven years from the date of its declaration as an inoperative account shall be transferred by the respective Institutions holding them to the Fund.


(a) Small Savings and other Savings Schemes of the Central Government with Post Offices and Banks authorised to operate such Schemes;


(b) Accounts of Public Provident Fund under the Public Provident Fund Scheme, 1968 maintained by Institution; and


(c) such other amounts, in any accounts or schemes as may be prescribed.


(3) The Fund shall be utilised for promoting welfare of senior citizens and for such other purposes as may be prescribed.


(4) The Central Government shall, from time to time, notify the eligible rate of interest for money lying in the Fund.


123. (1) The Central Government shall constitute, by notification, an Inter-Ministerial Committee for administration of the Fund consisting of a Chairperson and such other number of Members as the Central Government may appoint.


(2) The manner of administration of the Fund, holding of meetings of the Committee, shall be in accordance with such rules as may be prescribed.


(3) It shall be competent for the Committee to spend money out of the Fund for carrying out the objects specified in sub section (3) of section 122.


124. (1) Any person claiming to be entitled to the unclaimed amount transferred to the Fund may apply to the respective Institution with which the amount due was originally lying or deposited, at any time before the right to the amount is extinguished as provided in section 126.


(2) The person making the application shall bear the onus of establishing his right to receive the amount to which the application relates.


(3) The Institution shall consider the application as expeditiously as possible, and make payment along with the eligible interest, in any case, within sixty days of the receipt of the application.


(4) Any payment under this section shall discharge the Institution from liability in respect of the amount credited to the Fund.


(5) The interest payable, if any, on the money transferred to the Fund shall be determined and notified by the Central Government.
 

125. (1) The Institution shall publish such information as is necessary and sufficient to give reasonable notice of the existence of the unclaimed amounts, before crediting the unclaimed amount to the Fund.


(2) The Central Government may prescribe the method by which such information shall be published.


126. (1) Where no request or claim as specified in section 124 of this Chapter is made within a period of twenty-five years from the date of the credit of the unclaimed amount into the Fund, then, notwithstanding anything contrary contained in any other law for the time being in force, unless a Court otherwise orders, it shall escheat to the Central Government.


(2) The right of any person claiming to have an entitlement to the unclaimed amount shall subsist till the period specified under sub-section (1), and shall extinguish thereafter.


(3) Notwithstanding anything contained in sub-section (2), if, in any case, the Central Government is satisfied that there were genuine reasons which precluded a person from making a claim for refund in time, it may, on the recommendation of the Committee based on examination of facts, refund the money escheated to him.


(4) The Central Government may keep such escheated amount with the Fund for the purposes of the Fund.


PART III
ACCOUNTS AND AUDIT

127. (1) The Fund shall prepare, in such form and at such time for each financial year as may be prescribed, its annual report giving a full account of its activities during the financial year and forward a copy thereof to the Central Government.


(2) The accounts of the Fund shall be audited by the Comptroller and Auditor-General of India at such intervals as may be specified by him and such audited accounts together with the audit report thereon shall be forwarded annually by the Institution to the Central Government.


(3) The Central Government shall cause the annual report and the audit report given by the Comptroller and Auditor-General of India to be laid before each House of Parliament.


PART IV
MISCELLANEOUS


128. (1) The Central Government may, by notification, make rules for carrying out the provisions of this Chapter.


(2) Without prejudice to the generality of the powers conferred by sub-section (1), such rules may provide for—


(a) such other amounts referred to in clause (c) of sub-section (2) of section 122;


(b) the utilisation of the Fund for the purposes under sub-section (3) of section 122;


(c) the composition of the Committee for managing the Fund under sub-section (2) of section 123;


(d) the manner of administration of the Fund and the procedure relating to holding of the meetings of the Committee under sub-section (2) of section 123;


(e) the manner of giving notice to the public about the existence of the unclaimed amounts under sub-section (2) of section 125;


(f) any other matter which is required to be, or may be, prescribed.


(3) Every rule made under this section, shall 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.

129. The Central Government may, for reasons to be recorded in writing, exempt any unclaimed amount or institution or class of unclaimed amounts or institutions from any or all of the provisions of this Chapter, either generally or for such period as may be specified.


130. (1) If any difficulty arises in giving effect to the provisions of this Chapter, the Central Government may by order, do anything not in consistant with the provisions of this Chapter for the purpose of removing such difficulty:


Provided that no such order shall be made under this section after the expiry of a period of two years from the commencement of this Chapter.


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


CHAPTER VIII
MISCELLANEOUS
PART I
AMENDMENTS TO THE FORWARD CONTRACTS (REGULATION) ACT, 1952


131. [A] The provisions of this Part shall come into force on such date as the Central Government may, by notification, appoint and different dates may be appointed for different provisions of this Part.


[B] In the Forward Contracts (Regulation) Act, 1952, (herein referred to as the Forward Contracts Act), after section 28, the following section shall be inserted, namely:––


“28A.(1) All recognised associations under the Forward Contracts Regulation Act, shall be deemed to be recognised stock exchanges under the Securities Contracts (Regulation) Act,1956 (herein referred to as the Securities Contracts Act):


“Provided that such deemed recognized stock exchanges shall not carry out any activity other than the activities of assisting, regulating or controlling the business of buying, selling or dealing in commodity derivatives till the said deemed recognized
stock exchanges are specifically permitted by the Securities and Exchange Board of India:


Provided further that a person buying or selling or otherwise dealing in commodity derivatives as a commodity derivatives broker, or such other intermediary who may be associated with the commodity derivatives market, immediately before the transfer and
vesting of rights and assets to the Securities and Exchange Board of India for which no registration certificate was necessary prior to such transfer, may continue to do so for a period of three months from such transfer or, if he has made an application for such
registration within the said period of three months, till the disposal of such application.”.


(2) The Securities and Exchange Board of India (herein referred to as the Security Board) may provide such deemed exchanges, adequate time to comply with the Securities Contracts Act and any regulations, rules, guidelines or like instruments made under
the said Act.


(3) The bye-laws, circulars, or any like instrument made by a recognised association under the Forward Contracts Act shall continue to be applicable for a period of one year from the date on which that Act is repealed, or till such time as notified by the Security Board, as if the Forward Contracts Act had not been repealed, whichever is earlier.

(4) All rules, directions, guidelines, instructions, circulars, or any like instruments, made by the Commission or the Central Government applicable to recognised associations under the Forward Contracts Act shall continue to remain in force for a
period of one year from the date on which that Act is repealed, or till such time as notified by the Security Board, whichever is earlier, as if the Forward Contracts Act had not been repealed.


(5) In addition to the powers under the Securities Contracts Regulation Act, the Security Board and the Central Government shall exercise all powers of the Commission and the Central Government with respect to recognised associations, respectively, on
such deemed exchanges, for a period of one year as if the Forward Contracts Act had not been repealed.”.


132. After section 29 of the Forward Contracts Act, the following sections shall be inserted, namely:—


“29A.(1) The Forward Contracts (Regulation) Act, 1952 is hereby repealed.


(2) On and from the date of repeal of Forward Contracts Act–


(a) the rules and regulations framed by the Central Government and the Commission under the Forward Contracts Act, shall stand repealed;


(b) all authorities and entities established by the Central Government under the Forward Contracts Act, including the Commission and the Advisory Council established under section 25 of that Act, shall stand dissolved;


(c) anything done or any action taken or purported to have been done or taken including any inspection, order, penalty, proceeding or notice made, initiated or issued or any confirmation or declaration made or any licence, permission, authorisation or exemption granted, modified or revoked, or any document or instrument executed, or any direction given under the Act repealed in sub-section (1), shall be continued or enforced by the Security Board, as if that Act had not been repealed;


(d) all offences committed, and existing proceedings with respect to offences which may have been committed under the Forward Contracts Act, shall continue to be governed by the provisions of that Act, as if that Act had not been repealed;


(e) a fresh proceeding related to an offence under the Forward Contracts Act, may be initiated by the Security Board under that Act within a period of three years from the date on which that Act is repealed and be proceeded with as if that Act had not been repealed;


(f) no court shall take cognizance of any offence under the Forward Contracts Act from the date on which that Act is repealed, except as provided in clauses (d) and (e);


(g) clauses (d), (e) and (f) shall not be held to or affect the general application of section 6 of the General Clauses Act, 1897 with regard to the effect of repeal to matters not covered under these sub-sections.


29B. (1) On the date on which the Forward Contracts Act is repealed, the undertaking shall be transferred, and vest with the Securities and Exchange Board of India.


(2) If there is any existing proceeding or cause of action against the Commission in relation to the undertaking on the date on which the Forward Contracts Act is repealed, such proceeding or cause of action may be continued and enforced by or
against the Security Board.

(3) The concessions, privileges, benefits and exemptions including any benefits and exemptions with regard to the payment of any tax, duty and cess granted to the Commission with respect to its undertaking shall be transferred to the Security Board on the date on which the Forward Contracts Act is repealed.


(4) Every employee holding any office (excluding members of the Commission) under the Commission immediately before the date on which the Forward Contracts Act is repealed, will hold office in the Central Government or the Security Board, as the
Central Government may notify in the Official Gazette, for the same tenure and on the same terms and conditions of service as such employee would have held such office if the Commission had not been dissolved:


Provided that where the Central Government notifies that an employee of the Commission shall continue as an employee of the Central Government under the foregoing provision, the Central Government may, at the request of the Security Board, depute such employee to the Security Board, for a period not exceeding two years from the date on which the Forward Contracts Act is repealed.


(5) Within six months from the date on which the Forward Contracts Act is repealed, an employee of the Commission opting not to be an employee of the Central Government or the Security Board, as the case may be, shall communicate such decision to the Central Government or Security Board, as applicable.


(6) Nothing contained in any other law in force shall entitle any employee to any compensation for the loss of office due to the repeal of the Forward Contracts Act and the consequent dissolution of the Commission, and no such claim shall be entertained
by any court, tribunal or other authority.


(7) The members of the Commission appointed by the Central Government under section 3 of the Forward Contracts Act, shall cease to hold office from the date the Forward Contracts Act is repealed.


(8) The members of the Commission shall not be entitled to any compensation for the loss of office due to the repeal of the Forward Contracts Act and the consequent dissolution of the Commission or for the premature termination of any contract of
management entered into by such member with the Commission, and no such claim shall be entertained by any court, tribunal or other authority.


(9) The transfer and vesting of the undertaking shall not be liable to the payment of any stamp duty under the Indian Stamp Act, 1899 or any applicable stamp duties under state laws.”.


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


133. [A] The provisions of this Part shall come into force on such date as the Central Government may, by notification, appoint and different dates may be appointed for different provisions of this Part.


[B] In the Securities Contracts (Regulation) Act, 1956 (herein referred to as the Securities Contracts Act), in section 2,––


(i) in clause (ac), after sub-clause (B), the following sub-clauses shall be inserted, namely:––


“(C) commodity derivatives; and


(D) such other instruments as may be declared by the Central Government to be derivatives;”;

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


‘(bb) “goods” mean every kind of movable property other than actionable claims, money and securities;


(bc) “commodity derivative” means a contract –


(i) for the delivery of such goods, as may be notified by the Central Government in the Official Gazette, and which is not a ready delivery contract; or


(ii) for differences, which derives its value from prices or indices of prices of such underlying goods or activities, services, rights, interests and events, as may be notified by the Central Government, in consultation with the Board, but does not include securities as referred to in sub-clauses (A) and (B) of clause (ac);’;


(iii) after clause (c), the following clause shall be inserted, namely:––


‘(ca) “non-transferable specific delivery contract” means a specific delivery contract, the rights or liabilities under which or under any delivery order, railway receipt, bill of lading, warehouse receipt or any other documents of title relating
thereto are not transferable;

’;
(iv) after clause (e), the following clause shall be inserted, namely:––


‘(ea) “ready delivery contract” means a contract which provides for the delivery of goods and the payment of a price therefor, either immediately, or within such period not exceeding eleven days after the date of the contract and subject to such conditions as the Central Government may, by notification in the Official Gazette, specify in respect of any goods, the period under such contract not being capable of extension by the mutual consent of the parties thereto or otherwise:


Provided that where any such contract is performed either wholly or in part;


(I) by realisation of any sum of money being the difference between the contract rate and the settlement rate or clearing rate or the rate of any offsetting contract; or


(II) by any other means whatsoever, and as a result of which the actual tendering of the goods covered by the contract or payment of the full price therefor is dispensed with, then such contract shall not be deemed to be a ready delivery contract;’;


(v) after clause (h), the following clause shall be inserted, namely:––


‘(ha) “specific delivery contract” means a commodity derivative which provides for the actual delivery of specific qualities or types of goods during a specified future period at a price fixed thereby or to be fixed in the manner thereby agreed and in which the names of both the buyer and the seller are mentioned;’;


(vi) after clause (j), the following clause shall be inserted, namely:––


‘(k) “transferable specific delivery contract” means a specific delivery contract which is not a non-transferable specific delivery contract and which is subject to such conditions relating to its transferability as the Central Government may by notification in the Official Gazette, specify in this behalf.’.

134. In section 18A of the Securities Contracts Act,—


(i) in clause (b), for the words “stock exchange,”, the words ‘‘stock exchange; or” shall be substituted;


(ii) after clause (b) as so amended, and after the long line, the following clause shall be inserted, namely:—


“(c) between such parties and on such terms as the Central Government may, by notification in the Official Gazette, specify,”.


135. After section 30 of the Securities Contracts Act, the following section shall be inserted, namely:—


“30A. (1) Nothing contained in this Act shall apply to non-transferable specific delivery contracts:


Provided that no person shall organise or assist in organising or be a member of any association in any area to which the provisions of section 13 have been made applicable (other than a stock exchange) which provides facilities for the performance
of any non-transferable specific delivery contract by any party thereto without having to make or receive actual delivery to or from the other party to the contract or to or from any other party named in the contract.


(2) Where in respect of any area, the provisions of section 13 have been made applicable in relation to commodity derivatives for the sale or purchase of any goods or class of goods, the Central Government may, by notification, declare that in the said area or any part thereof as may be specified in the notification all or any of the provisions of this Act shall not apply to transferable specific delivery contracts for the sale or purchase of the said goods or class of goods either generally, or to any class of such contracts in particular.


(3) Notwithstanding anything contained in sub-section (1), if the Central Government is of the opinion that in the interest of the trade or in the public interest it is expedient to regulate and control non-transferable specific delivery contracts in any area, it may, by notification in the Official Gazette, declare that all or any of the provisions of this Act shall apply to such class or classes of non-transferable specific delivery contracts in such area in respect of such goods or class of goods as may be specified in the notification, and may also specify the manner in which and the extent to which all or any of the said provisions shall so apply.”.


PART III
AMENDMENT TO THE FINANCE (NO. 2) ACT, 1998


136. In the Finance (No.2) Act, 1998, in the Second Schedule, for the entry in column (3), the entry “Rupees eight per litre” shall be substituted.


PART IV
AMENDMENT TO THE FINANCE ACT, 1999


137. In the Finance Act, 1999, in the Second Schedule, for the entry in column (3), the entry “Rupees eight per litre” shall be substituted.


PART V
AMENDMENTS TO THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999


138. [A] The provisions of this Part shall come into force on such date as the Central Government may, by notification, appoint and different dates may be appointed for different provisions of this Part.

[B] In the Foreign Exchange Management Act, 1999 (herein referred to as the Foreign Exchange Act), in section 2,—


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


‘(cc) ‘‘Authorised Officer’’ means an officer of the Directorate of Enforcement authorised by the Central Government under section 37A;’;


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


‘(gg) “Competent Authority’’ means the Authority appointed by the Central Government under sub-section (2) of section 37A;’.


139. In section 6 of the Foreign Exchange Act,—


(A) in sub-section (2),––


(i) for clause (a), the following clause shall be substituted, namely:––


“(a) any class or classes of capital account transactions, involving debt instruments, which are permissible;”;


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


“(c) any conditions which may be placed on such transactions;”;


(iii) for the proviso, the following proviso shall be substituted, namely:––


“Provided that the Reserve Bank or the Central Government shall not impose any restrictions on the drawal of foreign exchange for payment due on account of amortisation of loans or for depreciation of direct investments in the ordinary course of business.”;


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


“(2A) The Central Government may, in consultation with the Reserve Bank, prescribe––


(a) any class or classes of capital account transactions, not involving debt instruments, which are permissible;


(b) the limit up to which foreign exchange shall be admissible for such transactions; and


(c) any conditions which may be placed on such transactions.”;


(C) sub-section (3) shall be omitted;


(D) after sub-section (6), the following sub-section shall be inserted, namely:—


‘(7) For the purposes of this section, the term “debt instruments” shall mean, such instruments as may be determined by the Central Government in consultation with the Reserve Bank.’.


140. In section 13 of the Foreign Exchange Act, after sub-section (1), the following sub-sections shall be inserted, namely:—


"(1A) If any person is found to have acquired any foreign exchange, foreign security or immovable property, situated outside India, of the aggregate value exceeding the threshold prescribed under the proviso to sub-section (1) of section 37A, he shall
be liable to a penalty up to three times the sum involved in such contravention and confiscation of the value equivalent, situated in India, the Foreign exchange, foreign security or immovable property.


(1B) If the Adjudicating Authority, in a proceeding under sub-section (1A) deems fits, he may, after recording the reasons in writing, recommend for the initiation of prosecution and if the Director of Enforcement is satisfied, he may, after recording the
reasons in writing, may direct prosecution by filing a Criminal Complaint against the guilty person by an officer not below the rank of Assistant Director.


(1C) If any person is found to have acquired any foreign exchange, foreign security or immovable property, situated outside India, of the aggregate value exceeding the threshold prescribed under the proviso to sub-section (1) of section 37A, he shall be, in addition to the penalty imposed under sub-section (1A), punishable with imprisonment for a term which may extend to five years and with fine.


(1D) No court shall take cognizance of an offence under sub-section (1C) of section 13 except as on complaint in writing by an officer not below the rank of Assistant Director referred to in sub-section (1B).".


141. In section 18 of the Foreign Exchange Act, after the words “Adjudicating Authorities’’, the words “Competent Authorities’’ shall be inserted.


142. After section 37 of the Foreign Exchange Act, the following section shall be inserted, namely:—


“37A. (1) Upon receipt of any information or otherwise, if the Authorised Officer prescribed by the Central Government has reason to believe that any foreign exchange, foreign security, or any immovable property, situated outside India, is suspected to
have been held in contravention of section 4, he may after recording the reasons in writing, by an order, seize value equivalent, situated within India, of such foreign exchange, foreign security or immovable property:


Provided that no such seizure shall be made in case where the aggregate value of such foreign exchange, foreign security or any immovable property, situated outside India, is less than the value as may be prescribed.


(2) The order of seizure along with relevant material shall be placed before the Competent Authority, appointed by the Central Government, who shall be an officer not below the rank of Joint Secretary to the Government of India by the Authorised Officer within a period of thirty days from the date of such seizure.


(3) The Competent Authority shall dispose of the petition within a period of one hundred eighty days from the date of seizure by either confirming or by setting aside such order, after giving an opportunity of being heard to the representatives of the Directorate of Enforcement and the aggrieved person.


Explanation.— While computing the period of one hundred eighty days, the period of stay granted by court shall be excluded and a further period of at least thirty days shall be granted from the date of communication of vacation of such stay order.


(4) The order of the Competent Authority confirming seizure of eqivalent asset shall continue till the disposal of adjudication proceedings and thereafter, the Adjudicating Authority shall pass appropriate directions in the adjudication order with regard to further action as regards the seizure made under sub-section (1):


Provided that if, at any stage of the proceedings under this Act, the aggrieved person discloses the fact of such foreign exchange, foreign security or immovable property and brings back the same into India, then the Competent Authority or the Adjudicating Authority, as the case may be, on receipt of an application in this regard from the aggrieved person, and after affording an opportunity of being heard to the aggrieved person and representatives of the Directorate of Enforcement, shall pass an appropriate order as it deems fit, including setting aside of the seizure made under sub-section (1).


(5) Any person aggrieved by any order passed by the Competent Authority may prefer an appeal to the Appellate Tribunal.


(6) Nothing contained in section 15 shall apply to this section.”.

143. In section 46 of the Foreign Exchange Act, in sub-section (2),—


(i) after clause (a), the following clauses shall be inserted, namely:—


“(aa) the instruments which are determined to be debt instruments under sub-section (7) of section 6;


(ab) the permissible classes of capital account transactions in accordance with sub-section (2A) of section 6, the limits of admissibility of foreign exchange, and the prohibition, restriction or regulation of such transactions;”;


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


“(gg) the aggregate value of foreign exchange referred to in sub-section (1) of section 37A;’’.


144. In section 47 of the Foreign Exchange Act,––


(A) in sub-section (2),—


(i) for clause (a), the following clause shall be substituted, namely:––


“(a) the permissible classes of capital account transactions involving debt instruments determined under sub-section (7) of section 6, the limits of admissibility of foreign exchange for such transactions, and the prohibition, restriction or regulation of such capital account transactions under section 6;”;


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


“(ga) export, import or holding of currency or currency notes;”;


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


“(3) All regulations made by the Reserve Bank before the date on which the provisions of this section are notified under section 6 and section 47 of this Act on capital account transactions, the regulation making power in respect of which now vests with the Central Government, shall continue to be valid, until amended or rescinded by the Central Government.”.


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


145. In the Prevention of Money-laundering Act, 2002 (herein referred to as the Moneylaundering Act), in section 2, in sub-section (1),—


(i) in clause (u), after the words “or the value of any such property”, the words “or where such property is taken or held outside the country, then the property equivalent in value held within the country” shall be inserted;


(ii) in clause (y), in sub-clause (ii), for the words “thirty lakh rupees”, the words “one crore rupees” shall be substituted.


146. In section 5 of the Money-laundering Act, in sub-section (1), in the second proviso, for the word, brackets and letter “clause (b)”, the words “first proviso” shall be substituted.


147. In section 8 of the Money-laundering Act,––


(i) in sub-section (3), in clause (b), for the words “Adjudicating Authority”, the words “Special Court” shall be substituted;

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


“(8) Where a property stands confiscated to the Central Government under sub-section (5), the Special Court, in such manner as may be prescribed, may also direct the Central Government to restore such confiscated property or part thereof of a claimant with a legitimate interest in the property, who may have suffered a quantifiable loss as a result of the offence of money laundering:
Provided that the Special Court shall not consider such claim unless it is satisfied that the claimant has acted in good faith and has suffered the loss despite having taken all reasonable precautions and is not involved in the offence of money laundering.’’.


148. In section 20 of the Money-laundering Act,––


(i) in sub-section (5), for the words “the Court or the Adjudicating Authority, as the case may be”, the words “Special Court” shall be substituted;


(ii) in sub-section (6),––


(a) for the word “Court”, the words “Special Court” shall be substituted;


(b) after the words “ninety days from the date of”, the words “receipt of” shall be inserted.


149. In section 21 of the Money-laundering Act,––


(i) in sub-section (5), for the words, brackets and figures “under sub-section (5) or sub-section (7) of section 8”, the words, brackets, figures and letters “or release under sub-section (5) or sub-section (6) or sub-section (7) of section 8 or section 58B
or sub-section (2A) of section 60” shall be substituted;


(ii) in sub-section (6), ––


(a) for the words, brackets, figures and letters “under sub-section (6) of section 8 or by the Adjudicating Authority under section 58B or sub-section (2A) of section 60”, the words, brackets and figures “Adjudicating Authority under sub-section (5) of section 21” shall be substituted;


(b) after the words “ninety days from the date of”, the words “receipt of” shall be inserted.


150. In section 60 of the Money-laundering Act, in sub-section (2A), for the words “Adjudicating Authority”, the words “Special Court” shall be substituted.


151. In the Schedule to the Money-laundering Act, after Part A, the following Part shall be inserted, namely:––


“PART B
OFFENCE UNDER THE CUSTOMS ACT, 1962

Section                   Description of offence
                           132                       False declaration, false documents, etc.”.



 


PART VII
AMENDMENT TO THE FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT ACT, 2003


152. In the Fiscal Responsibility and Budget Management Act, 2003, in section 4, for the figures, letters and word ‘‘31st March, 2015’’, wherever they occur, the figures, letters and word ‘‘31st March, 2018’’ shall be substituted.

PART VIII
AMENDMENTS TO THE FINANCE (NO. 2) ACT, 2004


153. In the Finance (No. 2) Act, 2004 (herein referred to as 2004 Act), in Chapter VI, section 95 shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint.


154. In section 97 of the 2004 Act, with effect from the 1st day of June, 2015,––


(i) after clause (5A), the following clause shall be inserted, namely:–


‘(5AA) “initial offer” shall have the meaning assigned to it in,––


(i) clause (q) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992, in case of a business trust, being a real estate investment trust;


(ii) clause (v) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Infrastructure Investment Trusts)
Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992, in case of a business trust, being an infrastructure investment trust;’;


(ii) in clause (13), after sub-clause (aa), the following sub-clause shall be inserted, namely:––


“(ab) sale of unlisted units of a business trust by any holder of such units which were acquired in consideration of a transfer referred to in clause (xvii) of section 47 of the Income-tax Act, 1961 under an offer for sale to the public included in an initial offer and where such units are subsequently listed on a recognised stock exchange; or”.


155. In section 98 of the 2004 Act, in the Table, after serial number 6 and entries relating thereto, the following serial number and entries shall be inserted, namely:––
 

Sl. No. Taxable securities Rate Payable by transaction Rate Payable by
1 2 3 4
“7

Sale of unlisted units of a business trust under an offer for sale referred to in sub-clause (ab) of clause (13) of section 97.

 0.2 per cent. Seller”;

.
156. In section 100 of the 2004 Act,––


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


“(2B) The lead merchant banker appointed by the business trust in respect of an initial offer shall collect the securities transaction tax from every person who enters into a taxable securities transaction referred to in sub-clause (ab) of clause (13) of section 97 at the rates specified in section 98.”;


(ii) in sub-section (3),––


(A) after the word, brackets, figure and letter “sub-section (2A)”, the words, brackets, figure and letter “or sub-section (2B)” shall be inserted;


(B) after the words “an initial public offer”, the words “or an initial offer” shall be inserted;

(iii) in sub-section (4), after the words ‘‘an initial public offer’’, the words ‘‘or an initial offer’’ shall be inserted.


157. In section 101 of the 2004 Act, in sub-section (1),—


(A) after the words “an initial public offer”, the words “or an initial offer” shall be inserted;


(B) for the words ‘‘ being sale of units to such Mutual Fund during such financial year’’ occuring at the end, the words ‘‘during such financial year, being sale of units to such Mutual Fund or sale of unlisted shares under an intial public offer or sale of
unlisted units of business trust under an intial offer, in respect of which such lead merchant banker is appointed’’ shall be substituted.


PART IX
AMENDMENT TO THE FINANCE ACT, 2005


158. In the Finance Act, 2005, in the Seventh Schedule, the sub-heading 2202 10 and the entries relating thereto shall be omitted.


PART X
AMENDMENT TO THE FINANCE ACT, 2007


159. In the Finance Act, 2007, in Chapter VI, section 140 shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint.


PART XI
AMENDMENT TO THE FINANCE ACT, 2010


160. In the Finance Act, 2010, in the Tenth Schedule, for the entry in column (4) occurring against all the headings, the entry “Rs. 300 per tonne” shall be substituted.

 

THE SECOND SCHEDULE
(See section 91)


In the First Schedule to the Customs Tariff Act,—


(1) in Chapter 27, for the entry in column (4), occurring against tariff item 2701 12 00, the entry “10%” shall be substituted;


(2) in Chapter 72, for the entry in column (4) occurring against all the tariff items, the entry “15%” shall be substituted;


(3) in Chapter 73, for the entry in column (4) occurring against all the tariff items, the entry “15%” shall be substituted;


(4) in Chapter 87, for the entry in column (4) occurring against all the tariff items of headings 8702 and 8704, the entry “40%” shall be substituted.

 

THE THIRD SCHEDULE
(See section 104)


 

Notification No. and date Amendment Period of effect of amendment
(1) (2) (3)
G.S.R.163(E), dated the 17th March, 2012[12/ 2012-Central Excise, dated the 17th March, 2012] as amended vide G.S.R.75(E), dated the 3rd February, 2014 [03/2014-Central
Excise, dated the 3rd
February, 2014]		 In the said notification, in the Table, after serial number 205 and the entries
relating thereto, the following serial number and entries shall be inserted, namely:–		 17th day of March, 2012
to 2nd February, 2014
(both days inclusive)
(1) (2) (3) (4) (5)
“205A 7302 or
8530		 Railway or tramway track
construction material of iron
and steel.
Explanation.—For the
purposes of this exemption,
the value of the goods shall
be the value of goods excluding
the value of rails.		 12% 49”;

 

THE FOURTH SCHEDULE
(See section 105)


In the Third Schedule to the Central Excise Act,—


(i) after serial number 15 and the entries relating thereto, the following serial number and entries shall be inserted, namely:—


 

S.No. Heading, sub-heading or tariff item Description of goods
(1) (2) (3)
“15A. 2101 20 Extracts, essences and concentrates, of tea or mate,
and preparations with a basis of these extracts,
essences or concentrates or with a basis of tea or mate”;

(ii) after serial number 23 and the entries relating thereto, the following serial number and entries shall be inserted, namely:—

(1) (2) (3)
“23A. 2202 All goods”;


(iii) against serial number 94,—


(a) for the entry in column (2), the entry “Chapter 85 or Chapter 94” shall be substituted;


(b) in column (3), for the words “except lamps for automobiles”, the words, figures, brackets and letters “falling under heading 8539 (except lamps for automobiles), LED lights or fixtures including LED lamps falling under Chapter 85 or heading 9405” shall be substituted.

THE FIFTH SCHEDULE
(See section 106)


In the First Schedule to the Central Excise Tariff Act,—


(i) in Chapter 4, for the entry in column (4) occurring against tariff items 0402 91 10 and 0402 99 20, the entry “12.5%” shall be
substituted;


(ii) in Chapter 11,–


(a) for the entry in column (4) occurring against all the tariff items of heading 1107, the entry “12.5%” shall be substituted;


(b) for the entry in column (4) occurring against all the tariff items of heading 1108 (except tariff item 1108 20 00), the entry
“12.5%” shall be substituted;


(iii) in Chapter 13, for the entry in column (4) occurring against all the tariff items (except tariff item 1302 11 00), the entry “12.5%” shall be substituted;


(iv) in Chapter 15,–


(a) for the entry in column (4) occurring against tariff item 1517 10 22, the entry “12.5%” shall be substituted;


(b) for the entry in column (4) occurring against tariff item 1520 00 00, the entry “12.5%” shall be substituted;


(c) for the entry in column (4) occurring against all the tariff items of headings 1521 and 1522, the entry “12.5%” shall be
substituted;


(v) in Chapter 17, for the entry in column (4) occurring against all the tariff items of headings 1701 (except tariff items 1701 13 20
and 1701 14 20), 1702 (except tariff item 1702 90 10) and 1704, the entry “12.5%” shall be substituted;


(vi) in Chapter 18, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;
(vii) in Chapter 19,–


(a) for the entry in column (4) occurring against tariff items 1901 20 00, 1901 90 10 and 1901 90 90, the entry “12.5%” shall
be substituted;


(b) for the entry in column (4) occurring against tariff items 1902 40 10 and 1902 40 90, the entry “12.5%” shall be
substituted;


(c) for the entry in column (4) occurring against all the tariff items of heading 1904, the entry “12.5%” shall be substituted;


(d) for the entry in column (4) occurring against tariff items 1905 32 11, 1905 32 19 and 1905 32 90, the entry “12.5%” shall
be substituted;


(viii) in Chapter 21,—


(a) for the entry in column (4) occurring against all the tariff items of heading 2101 (except tariff items 2101 30 10, 2101 30
20 and 2101 30 90), the entry “12.5%” shall be substituted;


(b) for the entry in column (4) occurring against all the tariff items of headings 2102, 2103 and 2104, the entry “12.5%” shall
be substituted;


(c) for the entry in column (4) occurring against all the tariff items of heading 2106 (except tariff items 2106 90 20 and 2106
90 92), the entry “12.5%” shall be substituted;


(ix) in Chapter 22,—


(a) for the entry in column (4) occurring against all the tariff items of heading 2201 (except tariff item 2201 90 10), the entry
“12.5%” shall be substituted;


(b) for the entry in column (4) occurring against tariff items 2202 10 10, 2202 10 20 and 2202 10 90, the entry “18%” shall be substituted;


(c) for the entry in column (4) occurring against tariff items 2202 90 30 and 2202 90 90, the entry “12.5%” shall be substituted;


(d) for the entry in column (4) occurring against tariff item 2207 20 00, the entry “12.5%” shall be substituted;


(e) for the entry in column (4) occurring against all the tariff items of heading 2209, the entry “12.5%” shall be substituted;

(x) in Chapter 24,—


(a) for the entry in column (4) occurring against tariff items 2402 10 10 and 2402 10 20, the entry “12.5% or Rs.3375 per
thousand, whichever is higher” shall be substituted;


(b) for the entry in column (4) occurring against tariff item 2402 20 10, the entry “Rs. 1280 per thousand” shall be substituted;


(c) for the entry in column (4) occurring against tariff item 2402 20 20, the entry “Rs. 2335 per thousand” shall be substituted;


(d) for the entry in column (4) occurring against tariff item 2402 20 30, the entry “Rs. 1280 per thousand” shall be substituted;


(e) for the entry in column (4) occurring against tariff item 2402 20 40, the entry “Rs.1740 per thousand” shall be substituted;


(f) for the entry in column (4) occurring against tariff item 2402 20 50, the entry “Rs. 2335 per thousand” shall be substituted;


(g) for the entry in column (4) occurring against tariff item 2402 20 90, the entry “Rs. 3375 per thousand” shall be substituted;


(h) for the entry in column (4) occurring against tariff item 2402 90 10, the entry “Rs. 3375 per thousand” shall be substituted;


(i) for the entry in column (4) occurring against tariff items 2402 90 20 and 2402 90 90, the entry “ 12.5% or Rs. 3375 per
thousand, whichever is higher” shall be substituted;


(j) for the entry in column (4) occurring against tariff item 2403 99 70, the entry “Rs.70 per kg.” shall be substituted;


(xi) in Chapter 25,–


(a) for the entry in column (4) occurring against tariff item 2503 00 10, the entry “12.5%” shall be substituted;


(b) for the entry in column (4) occurring against tariff items 2515 12 20 and 2515 12 90, the entry “12.5%” shall be substituted;


(c) for the entry in column (4) occurring against tariff item 2523 10 00, the entry “12.5%” shall be substituted;


(d) for the entry in column (4) occurring against tariff item 2523 21 00, the entry “12.5%” shall be substituted;


(e) for the entry in column (4) occurring against all the tariff items of sub-heading 2523 29, the entry “Rs.1000 per tonne”
shall be substituted;


(f) for the entry in column (4) occurring against tariff items 2523 30 00, 2523 90 10, 2523 90 20 and 2523 90 90, the entry
“12.5%” shall be substituted;


(xii) in Chapter 26, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(xiii) in Chapter 27, for the entry in column (4) occurring against tariff item 2710 19 30, the entry “14% + Rs. 15 per litre” shall be
substituted;


(xiv) in Chapter 28, for the entry in column (4) occurring against all the tariff items (except tariff items 2804 40 10, 2844 30 22, 2845 10 00, 2845 90 10 and 2853 00 30), the entry “12.5%” shall be substituted;


(xv) in Chapter 29, for the entry in column (4) occurring against all the tariff items (except tariff item 2933 41 00), the entry “12.5%” shall be substituted;


(xvi) in Chapter 31, for the entry in column (4) occurring against all the tariff items of headings 3102, 3103, 3104 and 3105, the entry “12.5%” shall be substituted;


(xvii) in Chapter 32, for the entry in column (4) occurring against all the tariff items (except tariff items 3215 90 10 and 3215 90 20), the entry “12.5%” shall be substituted;


(xviii) in Chapter 33, for the entry in column (4) occurring against all the tariff items (except tariff item 3307 41 00), the entry
“12.5%” shall be substituted;


(xix) in Chapter 34, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(xx) in Chapter 35, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(xxi) in Chapter 36, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(xxii) in Chapter 37, for the entry in column (4) occurring against all the tariff items of headings 3701, 3702, 3703, 3704 and 3707, the entry “12.5%” shall be substituted;


(xxiii) in Chapter 38, for the entry in column (4) occurring against all the tariff items (except tariff items 3824 50 10, 3825 10 00, 3825 20 00 and 3825 30 00), the entry “12.5%” shall be substituted;

(xxiv) in Chapter 39,–


(a) for the entry in column (4) occurring against all the tariff items (except tariff items 3916 10 20, 3916 20 11, 3916 20 91,
3916 90 10, 3923 21 00, 3923 29 10 and 3923 29 90), the entry “12.5%” shall be substituted;


(b) for the entry in column (4) occurring against the tariff items 3923 21 00, 3923 29 10 and 3923 29 90, the entry “18%” shall
be substituted;


(xxv) in Chapter 40,–


(a) for the entry in column (4) occurring against all the tariff items of heading 4002, the entry “12.5%” shall be substituted;


(b) for the entry in column (4) occurring against tariff items 4003 00 00 and 4004 00 00, the entry “12.5%” shall be substituted;


(c) for the entry in column (4) occurring against all the tariff items of headings 4005 to 4007, 4008 (except tariff items 4008
19 10, 4008 21 10 and 4008 29 20) and 4009 to 4011, the entry “12.5%” shall be substituted;


(d) for the entry in column (4) occurring against tariff items 4012 90 10 to 4012 90 90, the entry “12.5%” shall be substituted;


(e) for the entry in column (4) occurring against all the tariff items of headings 4013, 4014 (except tariff items 4014 10 10 and
4014 10 20), 4015, 4016 and 4017, the entry “12.5%” shall be substituted;


(xxvi) in Chapter 42, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(xxvii) in Chapter 43, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(xxviii) in Chapter 44,–


(a) for the entry in column (4) occurring against all the tariff items of headings 4401, 4403, 4404, 4406, 4408 (except tariff
items 4408 10 30, 4408 31 30, 4408 39 30 and 4408 90 20) and 4409 to 4412, the entry “12.5%” shall be substituted;


(b) for the entry in column (4) occurring against tariff items 4413 00 00 and 4414 00 00, the entry “12.5%” shall be
substituted;


(c) for the entry in column (4) occurring against all the tariff items of headings 4415 and 4416, the entry “12.5%” shall be
substituted;


(d) for the entry in column (4) occurring against tariff item 4417 00 00, the entry “12.5%” shall be substituted;


(e) for the entry in column (4) occurring against all the tariff items of headings 4418 to 4421, the entry “12.5%” shall be
substituted;


(xxix) in Chapter 45, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(xxx) in Chapter 47, for the entry in column (4) occurring against all the tariff items of heading 4707, the entry “12.5%” shall be
substituted;


(xxxi) in Chapter 48,–


(a) for the entry in column (4) occurring against all the tariff items of headings 4803, 4806 (except tariff items 4806 20 00 and
4806 40 10), 4809 and 4811, the entry “12.5%” shall be substituted;


(b) for the entry in column (4) occurring against tariff item 4812 00 00, the entry “12.5%” shall be substituted;


(c) for the entry in column (4) occurring against all the tariff items of headings 4813, 4814, 4816, 4818, 4819 (except tariff item
4819 20 10), 4820 to 4822 and 4823 (except tariff item 4823 90 11), the entry “12.5%” shall be substituted;


(xxxii) in Chapter 49, for the entry in column (4) occurring against all the tariff items of heading 4908, the entry “12.5%” shall be
substituted;


(xxxiii) in Chapter 50, for the entry in column (4) occurring against all the tariff items of headings 5004 to 5007, the entry “12.5%”
shall be substituted;


(xxxiv) in Chapter 51, for the entry in column (4) occurring against all the tariff items of headings 5105 to 5113, the entry “12.5%”
shall be substituted;


(xxxv) in Chapter 52, for the entry in column (4) occurring against all the tariff items of headings 5204 to 5212, the entry “12.5%”
shall be substituted;


(xxxvi) in Chapter 53, for the entry in column (4) occurring against all the tariff items of headings 5302, 5305, 5306, 5307 (except
tariff item 5307 10 90), 5308 (except tariff items 5308 10 10, 5308 10 20 and 5308 10 90), 5309, 5310 and 5311, the entry “12.5%” shall be substituted;


(xxxvii) in Chapter 54, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(xxxviii) in Chapter 55, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;

(xxxix) in Chapter 56, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(xl) in Chapter 57, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(xli) in Chapter 58, for the entry in column (4) occurring against all the tariff items of headings 5801, 5802, 5803, 5804 (except tariff item 5804 30 00), 5806 and 5808 to 5811, the entry “12.5%” shall be substituted;


(xlii) in Chapter 59, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(xliii) in Chapter 60, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(xliv) in Chapter 61, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(xlv) in Chapter 62, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(xlvi) in Chapter 63,–


(a) for the entry in column (4) occurring against all the tariff items of headings 6301 to 6307, the entry “12.5%” shall be substituted;


(b) for the entry in column (4) occurring against tariff item 6308 00 00, the entry “12.5%” shall be substituted;


(xlvii) in Chapter 64, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(xlviii) in Chapter 65, for the entry in column (4) occurring against all the tariff items (except tariff item 6503 00 00), the entry
“12.5%” shall be substituted;


(xlix) in Chapter 66, for the entry in column (4) occurring against all the tariff items of heading 6603, the entry “12.5%” shall be
substituted;
(l) in Chapter 67, for the entry in column (4) occurring against all the tariff items of headings 6702 to 6704, the entry “12.5%” shall be substituted;


(li) in Chapter 68, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(lii) in Chapter 69, for the entry in column (4) occurring against all the tariff items (except tariff items 6901 00 10 and 6904 10 00),the entry “12.5%” shall be substituted;


(liii) in Chapter 70, for the entry in column (4) occurring against all the tariff items (except tariff items 7012 00 00, 7018 10 10, 7018 10 20, 7020 00 11, 7020 00 12 and 7020 00 21), the entry “12.5%” shall be substituted;


(liv) in Chapter 71,–


(a) for the entry in column (4) occurring against all the tariff items of headings 7101, 7103, 7104 (except tariff item 7104 10 00), 7105 and 7106, the entry “12.5%” shall be substituted;


(b) for the entry in column (4) occurring against tariff item 7107 00 00, the entry “12.5%” shall be substituted;


(c) for the entry in column (4) occurring against all the tariff items of heading 7108, the entry “12.5%” shall be substituted;


(d) for the entry in column (4) occurring against tariff item 7109 00 00, the entry “12.5%” shall be substituted;


(e) for the entry in column (4) occurring against all the tariff items of heading 7110, the entry “12.5%” shall be substituted;


(f) for the entry in column (4) occurring against tariff item 7111 00 00, the entry “12.5%” shall be substituted;


(g) for the entry in column (4) occurring against all the tariff items of headings 7112 to 7116 and 7118, the entry “12.5%” shall
be substituted;


(lv) in Chapter 72, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(lvi) in Chapter 73, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(lvii) in Chapter 74,–


(a) for the entry in column (4) occurring against all the tariff items of headings 7401 to 7404, the entry “12.5%” shall be
substituted;


(b) for the entry in column (4) occurring against tariff item 7405 00 00, the entry “12.5%” shall be substituted;


(c) for the entry in column (4) occurring against all the tariff items of headings 7406 to 7412, the entry “12.5%” shall be
substituted;


(d) for the entry in column (4) occurring against tariff item 7413 00 00, the entry “12.5%” shall be substituted;


(e) for the entry in column (4) occurring against all the tariff items of headings 7415, 7418 and 7419, the entry “12.5%” shall
be substituted;

(lviii) in Chapter 75, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(lix) in Chapter 76, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(lx) in Chapter 78, for the entry in column (4) occurring against all the tariff items of headings 7801, 7802, 7804 and 7806, the entry “12.5%” shall be substituted;


(lxi) in Chapter 79, for the entry in column (4) occurring against all the tariff items of headings 7901 to 7905 and 7907, the entry
“12.5%” shall be substituted;


(lxii) in Chapter 80, for the entry in column (4) occurring against all the tariff items of headings 8001, 8002, 8003 and 8007, the entry “12.5%” shall be substituted;


(lxiii) in Chapter 81, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(lxiv ) in Chapter 82, for the entry in column (4) occurring against all the tariff items (except tariff items 8215 10 00, 8215 20 00, 8215 91 00 and 8215 99 00), the entry “12.5%” shall be substituted;


(lxv) in Chapter 83, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(lxvi) in Chapter 84, for the entry in column (4) occurring against all the tariff items of headings 8401 to 8423, 8424 (except tariff item 8424 81 00), 8425 to 8431, 8434, 8435, 8438 to 8451, 8452 (except tariff items 8452 10 12, 8452 10 22, 8452 30 10, 8452 30 90, 8452 90 11, 8452 90 19, 8452 90 91 and 8452 90 99), 8453 to 8468, 8469 (except tariff items 8469 00 30 and 8469 00 40), 8470 to 8478, 8479 (except tariff item 8479 89 92), 8480 to 8484, 8486 and 8487, the entry “12.5%” shall be substituted;


(lxvii) in Chapter 85,–


(a) for the entry in column (4) occurring against all the tariff items of headings 8501 to 8519, 8521, 8522, 8523, 8525 to 8533,
the entry “12.5%” shall be substituted;


(b) for the entry in column (4) occurring against tariff item 8534 00 00, the entry “12.5%” shall be substituted;


(c) for the entry in column (4) occurring against all the tariff items of headings 8535 to 8547, the entry “12.5%” shall be substituted;


(d) for the entry in column (4) occurring against tariff item 8548 90 00, the entry “12.5%” shall be substituted;


(lxviii) in Chapter 86,–


(a) for the entry in column (4) occurring against tariff item 8604 00 00, the entry “12.5%” shall be substituted;


(b) for the entry in column (4) occurring against all the tariff items of headings 8607 and 8608, the entry “12.5%” shall be
substituted;


(c) for the entry in column (4) occurring against tariff item 8609 00 00, the entry “12.5%” shall be substituted;


(lxix) in Chapter 87,–


(a) for the entry in column (4) occurring against all the tariff items of headings 8701, 8702 (except tariff items 8702 10 11, 8702 10 12, 8702 10 19, 8702 90 11, 8702 90 12 and 8702 90 19), the entry “12.5%” shall be substituted;


(b) for the entry in column (4) occurring against tariff items 8703 10 10 and 8703 90 10, the entry “12.5%” shall be substituted;


(c) for the entry in column (4) occurring against all the tariff items of headings 8704 (except tariff items 8704 10 90, 8704 31
90, 8704 32 19, 8704 32 90, 8704 90 19 and 8704 90 90) and 8705, the entry “12.5%” shall be substituted;


(d) for the entry in column (4) occurring against tariff items 8706 00 11, 8706 00 19, 8706 00 31, 8706 00 41 and 8706 00 50,
the entry “12.5%” shall be substituted;


(e) for the entry in column (4) occurring against all the tariff items of headings 8707, 8708 and 8709, the entry “12.5%” shall
be substituted;


(f) for the entry in column (4) occurring against tariff item 8710 00 00, the entry “12.5%” shall be substituted;


(g) for the entry in column (4) occurring against all the tariff items of headings 8711, 8712 and 8714 to 8716, the entry “12.5%” shall be substituted;


(lxx) in Chapter 88, for the entry in column (4) occurring against all the tariff items of headings 8802 (except tariff item 8802 6000) and 8803, the entry “12.5%” shall be substituted;


(lxxi) in Chapter 89,–


(a) for the entry in column (4) occurring against all the tariff items of headings 8903 and 8907, the entry “12.5%” shall be
substituted;


(b) for the entry in column (4) occurring against tariff item 8908 00 00, the entry “12.5%” shall be substituted;

(lxxii) in Chapter 90,–


(a) for the entry in column (4) occurring against all the tariff items of headings 9001 (except tariff items 9001 40 10, 9001 4090 and 9001 50 00), 9002 to 9008, 9010 to 9016, 9017 (except tariff items 9017 20 10, 9017 20 20, 9017 20 30 and 9017 20 90), 9018 and 9019, the entry “12.5%” shall be substituted;


(b) for the entry in column (4) occurring against tariff item 9020 00 00, the entry “12.5%” shall be substituted;


(c) for the entry in column (4) occurring against all the tariff items of headings 9022 to 9032, the entry “12.5%” shall be
substituted;


(d) for the entry in column (4) occurring against tariff item 9033 00 00, the entry “12.5%” shall be substituted;


(lxxiii) in Chapter 91, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted;


(lxxiv) in Chapter 92,–


(a) for the entry in column (4) occurring against all the tariff items of headings 9201, 9202 and 9205, the entry “12.5%” shall
be substituted;


(b) for the entry in column (4) occurring against tariff item 9206 00 00, the entry “12.5%” shall be substituted;


(c) for the entry in column (4) occurring against all the tariff items of headings 9207 to 9209, the entry “12.5%” shall be substituted;


(lxxv) in Chapter 93,–


(a) for the entry in column (4) occurring against tariff item 9302 00 00, the entry “12.5%” shall be substituted;


(b) for the entry in column (4) occurring against all the tariff items of heading 9303, the entry “12.5%” shall be substituted;


(c) for the entry in column (4) occurring against tariff item 9304 00 00, the entry “12.5%” shall be substituted;


(d) for the entry in column (4) occurring against all the tariff items of headings 9305 and 9306, the entry “12.5%” shall be substituted;


(e) for the entry in column (4) occurring against tariff item 9307 00 00, the entry “12.5%” shall be substituted;


(lxxvi) in Chapter 94, for the entry in column (4) occurring against all the tariff items (except tariff item 9405 50 10), the entry
“12.5%” shall be substituted;


(lxxvii) in Chapter 95, for the entry in column (4) occurring against all the tariff items of headings 9503 to 9508 (except tariff item
9508 10 00), the entry “12.5%” shall be substituted;


(lxxviii) in Chapter 96,–


(a) for the entry in column (4) occurring against all the tariff items of headings 9601 to 9603, the entry “12.5%” shall be
substituted;


(b) for the entry in column (4) occurring against tariff item 9604 00 00, the entry “12.5%” shall be substituted;


(c) for the entry in column (4) occurring against all the tariff items of headings 9605, 9606 (except tariff items 9606 21 00,9606 22 00, 9606 29 10, 9606 29 90 and 9606 30 10) and 9607 to 9608, the entry “12.5%” shall be substituted;


(d) for the entry in column (4) occurring against tariff item 9611 00 00, the entry “12.5%” shall be substituted;


(e) for the entry in column (4) occurring against all the tariff items of headings 9612 and 9613, the entry “12.5%” shall be
substituted;

(f) for the entry in column (4) occurring against tariff item 9614 00 00, the entry “12.5%” shall be substituted;


(g) for the entry in column (4) occurring against all the tariff items of headings 9616 and 9617, the entry “12.5%” shall be
substituted;


(h) for the entry in column (4) occurring against tariff item 9618 00 00, the entry “12.5%” shall be substituted.