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| Exchange Received Time 06/04/2017 16:55:28 Exchange Disseminated Time 06/04/2017 16:55:34 Time Taken 00:00:06 | | With promulgation of Central Excise(Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods)Rules 2016 and the Customs(Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods)Rules 2016, effective from 01.04.2016, for any import/purchase of goods at concessional rate of duty, an importer/purchaser shall provide surety to avail concessional rate of duty. In order to enable Zuari Agro Chemicals Limited (ZACL) to import/purchase Sulphuric Acid, Phosphoric Acid & Ammonia procured for manufacture of fertilizers by ZACL at concessional rate of duty in one or more tranches during the year 2017-18, the Company has given surety on behalf of ZACL for an amount of Rs.225 crores. Further, the liability under the surety extinguishes as &when ZACL consumes the imported/purchased goods for the manufacture of fertilizer. Similar facility is extended by Zuari Agro Chemicals Limited to the Company for its imports/purchases of raw materials/fertilizers. |
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