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2020 ] THE FINANCE ACT, 2020 B7

for carrying out any operation on such goods in India that are ex-
ported; or
(b) in lieu of such other financial benefit subject to such con-
ditions and restrictions as may be specified therein.
(2) The duty credit issued under sub-section (1) shall be maintained
in the customs automated system in the form of an electronic duty credit
ledger of the person who is the recipient of such duty credit, in such man-
ner as may be prescribed.
(3) The duty credit available in the electronic duty credit ledger may
be used by the person to whom it is issued or the person to whom it is
transferred, towards making payment of duties payable under this Act or
under the Customs Tariff Act, 1975 (51 of 1975) in such manner and subject
to such conditions and restrictions and within such time as may be pre-
scribed.”.
113. Amendment of section 111. — In section 111 of the Customs Act, af-
ter clause (p), the following clause shall be inserted, namely :-
“(q) any goods imported on a claim of preferential rate of duty
which contravenes any provision of Chapter VAA or any rule made
thereunder.”.
114. Amendment of section 156. — In section 156 of the Customs Act, in
sub-section (2), after clause (h), the following clause shall be inserted, namely :-
“(i) the form, time limit, manner, circumstances, conditions, re-
strictions and such other matters for carrying out the provisions of Chap-
ter VAA.”.
115. Amendment of section 157. — In section 157 of the Customs Act, in
sub-section (2), after clause (j), the following clause shall be inserted, namely :-
“(ja) the manner of maintaining electronic duty credit ledger, mak-
ing payment from such ledger, transfer of duty credit from ledger of one
person to the ledger of another and the conditions, restrictions and time
limit relating thereto;”.

Customs Tariff
116. Substitution of new section for section 8B. — For section 8B of the
Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff
Act), the following section shall be substituted, namely :-
‘8B. Power of Central Government to apply safeguard measures.
— (1) If the Central Government, after conducting such enquiry as it
deems fit, is satisfied that any article is imported into India in such in-
creased quantity and under such conditions so as to cause or threaten to
cause serious injury to domestic industry, it may, by notification in the Of-
ficial Gazette, apply such safeguard measures on that article, as it deems
appropriate.
(2) The safeguard measures referred to in sub-section (1) shall in-
clude imposition of safeguard duty, application of tariff-rate quota or such
other measure, as the Central Government may consider appropriate, to
curb the increased quantity of imports of an article to prevent serious inju-
ry to domestic industry :
EXCISE LAW TIMES  15th April 2020  91