SRO 538(I)/1992

GOVERNMENT OF PAKISTAN CENTRAL BOARD OF REVENUE ORDER Islamabad, the 1st June,1992 CUSTOMS S.R.O. 538(I)/92.- In exercise of the powers conferred by section 21A of the Customs Act, 1969 (IV of 1969), the Central Board of Revenue is pleased to defer the customs-duty as specified in the First Schedule to the said Act on the import of vehicles as specified in column (2) of the Table below, by the registered tour operators/travel agents, on the recommendation of the Ministry of Tourism, Government of Pakistan, subject to the following conditions, namely:- (i) The customs-duty leviable shall be realized in 5 half yearly equal installments against an irrevocable and continuing bank guarantee covering the deferred amount payable thereon in Form A set out below; (ii) surcharge at the rate of fourteen per cent per annum shall be payable on the deferred amount on six-monthly basis commencing from the date of initial payment; (iii) such vehicles shall be non-transferable for a period of 5 years; and (iv) the importer shall furnish an undertaking in Form B set out below, duly authenticated by the Ministry of Tourism, Government of Pakistan, to the Collector of Customs. TABLE _____________________________________________________________________________________________________ Sl.No Description of vehicles (1) (2) 1. Tourist coaches 15-20 seater capacity (light commercial vehicles) in completely built-up condition subject to standard list. 2. Four wheel drive vehicles. _____________________________________________________________________________________________________ FORM A BANK GUARANTEE Bank Guarantee No. .......................................................... Dated................................................forRs............................. Valid upto............................................................................... The Collector of Customs, Custom House, .................... Dear Sir, WHEREAS Messers .................................................. having their registered office at ........................................... (hereinafter called the importer) have imported from M/s ..............................., IGM No........................................., dated ...................................., Index No............................... dated ....................., vide Bill of entry No. .................................... , dated .................................................. , vehicles detailed in the Schedule hereto annexed, for the projects approved by the Ministry of Tourism, Government of Pakistan, on which in accordance with the conditions laid down in the Central Board of Revenue; Notification No. S.R.O. (I)/92, dated the , 1992, allowing deferment of customs-duty levied on the vehicles imported for tourism purposes. AND WHEREAS an amount of Rs .............................. (Rupees .....................................................) is leviable by you as customs-duty payable by the importer in respect of the vehicles (hereinafter called the deferred amount) has been allowed by you to be paid by the importer in five half yearly equal installments of Rs ................................... (Rupees............................................), the first of such installment being payable by the importer on the .................................. day of .................................., 19 . AND WHEREAS you have agreed to release the vehicles on the payment of five half yearly equal installments, out of which the first installments of Rs .............................. having been made to you in cash and for the remaining four half yearly equal installments the importer is furnishing the security of interest bearing bank guarantee covering the deferred amount as the importer has undertaken to pay to you the customs-duty as aforesaid. NOW, THEREFORE, in consideration of the release of the vehicles to the importer, we, M/s................................................. Bank Limited, ...................... (hereinafter called the bank) do hereby bind ourselves to the President of Pakistan to pay to the Collector of Customs the deferred amount or any part thereof remaining unpaid from the date on which the vehicles are released to the importer. NOW THE CONDITIONS OF THE BANK GUARANTEE ARE AS UNDER:- (1) That the importer shall pay to you the deferred amount in five half yearly equal installments for Rs .......... (Rupees..................),the first of which installment being payable on the................day of .......................................,19 (2) That in the event of any default on the part of the importer to pay any of the installment of the deferred amount the bank shall pay to you any part of the deferred amount due within 10 days from the day of receipt of demand thereof from you, which demand shall be considered by the bank as conclusive evidence of non-payment of the installments by the importer. (3) That the bank hereby agree and declare that in the event of any default in the payment of any sum stated hereunder it may, without prejudice to any other remedy which may be available to you, be recovered as arrears of land revenue by you under sub-section (2) of section 202 of the Customs Act, 1969. (4) That notwithstanding anything contained in the foregoing, the deferred amount or any part thereof shall immediately become payable to you in any of the following events:- (a) If the importer makes default for one month in the payment of any installment of the deferred amount hereby secured; (b) if the importer ceases or threatens to cease to carry on its business; (c) if a distress or execution be levied upon or issued against any of the properties of the importer and not paid out by the importer within seven days; and (d) if any order be made or a resolution be passed for winding up the importer's company otherwise than in connection with a scheme of amalgamation or reconstruction. (5) A notice may be given to or by the importer or the bank by sending the same by registered post, which shall be deemed to have been served at the time when it would have been received by the addressee in the ordinary course of the post. (6) The amount payable hereunder as principal or surcharge at the specified date may be declared and the same shall thereupon become due and payable immediately. (7) That this bank guarantee is valied up to .................................................. . IN WITNESS WHEREOF, for and on behalf of the bank, we have this ..................................... day of ......................., 19 , caused this guarantee to be signed under the official stamp in the presence of - 1. _______________________ 2. ___________________ Officer Manager _____Bank Ltd.___Bank Ltd. Witnesses:- 1. ................................................. 2. ................................................ THE SCHEDULE ABOVE REFERRED TO (List of vehicles imported) F O R M B (To be written on appropriately stamped non-judicial paper) UNDERTAKING WHEREAS Messrs ................................................................, registered tour operators/travel agents having their registered office at ............................, have imported, vide B/E No. ..........................................., vehicles detailed in the Schedule hereto annex (hereinafter called the vehicles) for projects approved by the Ministry of Tourism, Government of Pakistan, for the promotion of tourism and facilitation of tourists on which the amount of Rs ..................................... (Rupees ..............................................) shall be levied by the Collector of Customs, Custom House, ............... (hereinafter called the Collector) as customs-duty payable by the said registered tour operators/travel agents. AND WHEREAS it is necessary further to furnish to the Collector assurances connected with the performance of the obligations of the said tour operators/travel agents regarding the vehicles. NOW, THEREFORE, we, Messrs...................................... (hereinafter called the tour operators/travel agents) do hereby AGREE and UNDERTAKE, as under:- 1. that the tour operators/travel agents shall not transfer or sell the vehicles within a period of 5 years. 2. that the tour operators/travel agents have imported the vehicles for the projects duly approved by the Ministry of Tourism, Government of Pakistan, and shall only be used for the promotion of tourism and facilitation of tourists. 3. that the tour operators/travel agents shall pay the deferred amount of Rs ............... (Rupees................) in five half yearly equal installments commencing from the ........................................... day of .................................., 19 . 4. that the surcharge at the rate of eleven per cent per annum shall be payable on the deferred amount on six-monthly basis commencing from the date of initial payment. 5. that the tour operators/travel agents shall pay all money due to the Collector promptly and fully, and any money having become payable by the tour operators/travel agents and not paid shall be recoverable as arrears of land revenue at the cost and risk of tour operators/travel agents, without prejudice to any other right of the Collector to recover it and that no delay on the part of the Collector in recovering any money due from the tour operators/travel agents shall deprive the Collector of its right in respect thereof or constitute any lapse on the part of Collector for the recovery thereof. IN WITNESS WHEREOF, FOR AND ON BEHALF OF THE TOUR OPERATORS/TRAVEL AGENTS, I, Mr ................. have caused this undertaking to be signed and sealed on this ................................... day of .................... 19 , in the presence of- Signature: Witness: 1. ______________________________ Name: 2. ______________________________ Designation: Seal: THE SCHEDULE ABOVE REFERRED TO (List of vehicles imported) AUTHENTICATION I, Mr . . . . . . . . . . . . . ., at the request of M/s . . . . . . . . . . . . , registered tour operators/travel agents, do hereby authenticate this undertaking for and on behalf of the Ministry of Tourism, Government of Pakistan; and IN WITNESS WHEREOF have signed, and sealed on this . . . . . . . . . day of . . . . . . . . . 19 . Signature: Name: Designation: Official Stamp: RAJA M. AKHTAR TAHIR Secretary(Customs-I) C.No.1(71)TAR-II/70-Pt.I.162/92 As amended S.R.O.993(I)/94. - dated 06.10.1994