Notification No. 33/2003-Cus Dated 01-03-2003

Exemption on import of exposed and developed cinematographic film.-In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government being satisfied that it is necessary in the public interest so to do, hereby exempts cinematographic film, exposed and developed, falling under heading 3706 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India,-

(a) from so much of the duty of customs leviable thereon which is specified in the said First Schedule,

(b) from so much of additional duty leviable thereon under sub-section (1) of section 3 of the said Customs Tariff Act,

(c) from so much of special additional duty leviable thereon under sub-section (1) of section 3A of the said Customs Tariff Act,

as is in excess of the duties which would be leviable if the value of the said goods, for the purposes of sub-section (1) of section 14 of the said Customs Act, were equal to the aggregate of –

(i) the cost of the print of the cinematographic film; and

(ii) the freight and insurance charges incurred in respect of the print of such cinematographic film.