Quick Summary
In a move to strengthen India's defense capabilities, the Central Government has issued Notification G.S.R. 64(E), making further amendments to the Notification No. 19/2019-Customs, dated July 6, 2019. The amendment is aimed at providing specific exemptions for customs duties applicable to components of the Long Range Surface to Air Missile System (LRSAM). This amendment, issued under the Customs Act, 1962 and the Customs Tariff Act, 1975, is effective immediately and highlights the government'
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FAQ :
The amendment aims to provide specific exemptions for customs duties on components of the Long Range Surface to Air Missile (LRSAM) system to strengthen India's defence capabilities and promote indigenisation.
The exemption now covers systems, sub-systems, equipment, parts, sub-parts, tools, test equipment, and software specifically designed for the Long Range Surface to Air Missile System (LRSAM).
The LRSAM missile system is also known as Barak 8.
The amendment is effective immediately from the date of its publication.
It is expected to lower the cost of importing critical components, accelerate the deployment of advanced defence technology, support the 'Make in India' initiative, and enhance operational readiness and cost efficiency in defence production.
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