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Core Purpose

Notification amending Lists 34A and 34B of banks specified under Notification No. 50/2017-Customs for the concessional customs duty scheme, effective 1st April 2024 to 31st March 2025.

Detailed Summary

By Notification No. 25/2024-Customs, G.S.R. 270(E), dated 6th May 2024, the Department of Revenue, Ministry of Finance, in exercise of powers under sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), further amends Notification No. 50/2017-Customs dated 30th June 2017 (G.S.R. 785(E)), which was last amended by Notification No. 19/2024-Customs dated 15th March 2024 (G.S.R. 206(E)). In the Annexure to the Table of the principal notification, List 34A and List 34B (referenced at S. No. 359A of the Table) are substituted, effective 1st April 2024 and valid up to 31st March 2025: List 34A comprises Axis Bank Limited, Federal Bank Limited, HDFC Bank Limited, Industrial and Commercial Bank of China Limited, ICICI Bank Limited, IndusInd Bank Limited, Kotak Mahindra Bank Limited, Karur Vysya Bank Limited, RBL Bank Limited, State Bank of India and Yes Bank Limited; List 34B comprises Indian Overseas Bank, Punjab National Bank and Union Bank of India. The notification is signed by Vikram Vijay Wanere, Under Secretary, referencing File No. CBIC-190354/35/2023-TO(TRU-I).

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-06052024-254050 EXTRAORDINARY PART II—Section 3—Sub-section (i) PUBLISHED BY AUTHORITY No. 249] NEW DELHI, MONDAY, MAY 6, 2024/VAISAKHA 16, 1946 MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 6th May, 2024 No. 25/2024-Customs G.S.R. 270(E). — In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 50/2017- Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 785 (E), dated the 30th June 2017, namely:- In the said notification, in the Annexure to the Table, for List 34A and List 34B, and the entries relating thereto, the following Lists and entries shall respectively be substituted, namely: "List 34A (See S. No. 359A of the Table) - with effect from 1st April, 2024 and valid upto 31st March, 2025 : 1. Axis Bank Limited 2. Federal Bank Limited 3. HDFC Bank Limited 4. Industrial and Commercial Bank of China Limited 5. ICICI Bank Limited 6. IndusInd Bank Limited 7. Kotak Mahindra Bank Limited 8. Karur Vysya Bank Limited 9. RBL Bank Limited 10. State Bank of India 11. Yes Bank Limited List 34B (See S. No. 359A of the Table) - with effect from 1st April, 2024 and valid upto 31st March, 2025 : 1. Indian Overseas Bank 2. Punjab National Bank 3. Union Bank of India". [F. No. CBIC-190354/35/2023-TO(TRU-I)] VIKRAM VIJAY WANERE, Under Secy. Note: -The principal notification No.50/2017-Customs, dated the 30th June, 2017 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 785(E), dated the 30th June, 2017 and last amended vide notification No. 19/2024-Customs, dated the 15th March, 2024 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 206 (E), dated the 15th March, 2024. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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