 the finance (no2) bill, 1956(nm introduced in looic sabha)  the finance (no2) bill, 1956 (as introduced 1m lolt s~iu) billto increlue or modify the rate of duty on certain good, imported into india and to impose dutie of exci6e on certain good, produced or manufactured in india am to increale the liamp duty on billa of exchange be it enacted by parliament in the seventh year of the republic of india as follows:-1 (1) this act may be called the finance (no2) act, 1958 short title and commcllcement (2) section 4: shall come into force on such date as the central , government may, by notiftcation in the official gazette, appoint :t the indian tarift act, 1934: (hereinatter referred to as the tariff amendment act), shall be amended in the manner specified in parts i, ii and iii of act 33 of of the first schedule ',3-4 s in the first schedule to the central excise, and salt act, 194:4:, amendment 10 after item no 25, the following items shall be inserted, namely:- of act i- of 1944· rayon and iynthetic fibre and juji rupee on and annat daht per lb motor can, includin tui cabl, drinn by itupees three ahoululd pc_ car internal combu,tion edjinea, with cartjini capacity of not more than nine penom, but excludina-() 4-cylinder can of not more than 2 hone power by royal automobile club (rac) raq 20 (;') 6-cylinder can of not more than l' hone ~wcr by royal automobile club (rac) ratidj" " the indian stamp act 18!}g, shan be amended in the manner ameiidmtnt specified in the second schedule - of schedule i, act a of 18" 2, dec1o,atio" "m~ the pro"uio"al coueetioft of taze ad, u~31 it is hereby declared that it is expedient in the public interest that the provisions of clause 2 and clause 3 of thii bill shall havt j,%ef 1f31 immediate etfect under the provisional collection ot taxell act, 1931  (see section 2) part iin the first schedule to the tariff act,-(i) in item no 8(2), for the existing entries in the fourth and sixth columns, the entries "45 per cent ad valorem" and 5 "35 per cent ad valorem" respectively shall be substituted (ii) in item no 19(3), for the existing entry in the fourth column, the entry "60 per cent ad valorem" shall be substituted (iii) in items nos 21(3), 31, 31(2), 31(3), 32(3), 41 and 59, 10 for the existing entries against each of them in the fourth column, the entry "50 per cent ad valorem" shall be substituted (iv) in item no 22(1), for the existing entries in the fourth column against sub-items (a), (b), (c), (d) and (e), the entries "rs 4-8 per imperial gallon", "twelve annas per bottle", "six 15 annas per bottle", "three annas per bottle" and "rs 6 per imperial gallon" respectively shall be substituted (v) in item no 22(2), for the existing entries in the fourth column against sub-items (a), (b), (c), (d) and (e), the entries "rs 9 per imperial gallon", "rs 1-8 per bottle", "twelve annas 20 per bottle", "six annas per bottle" and "rs 12 per imperial gallon" respectively shall be substituted (vi) in item no 22(3), for the existing entries in the fourth column against sub-items (a) and (b), the entries "rs 60 per imperial gallon" and "rs 35 per imperial gallon" respectively 25 shall be substituted (vii) in item no 22(4)-(a) for the existing entries in the fourth column against sub-items (a), (b)(i) and (b)(ii), the entries "rs 120 per imperial gallon of the strength of london proof", "rs 15030 per imperial gallon" and "rs 120 per imperial gallon of the strength of london proof" respectively shall be substituted; and (b) in proviso (8) to the item, for the figures "25" the figures "100" shall be substituted 35 (viii) in items nos 28(14), 52 and 78, for the existin~ entries against each of them in the fourth column, the entry '100 per cent ad valorem" shall be substituted (ix) in item no 29(1), for the existing entry in the fourth column, the entry "eight ai\ilas per linear foot" shall be substituted 40 (x) in items nos 30(13) and 30(15), for the existing entries in the fourth column against each of the sub-items, the entry "20 per cent, ad valorem" shall be substituted 5 (xi) in item no 31(1), for the existing entries in the fourth and sixth columns, the entries "60 per cent ad valorem" and "50 per cent ad valorem" respectively shall be substituted (xii) in item no 47(2), for too existing entry in the fourth column, the entry "rs 3 per lb'~ shall be substituted 10 (xiii) in items nos 48(2), 48(6) and 49(3), for the figur~s "661" in the fourth column, the figures "80" shall be substituted (xiv) in item no 49(4), for the figures "35" and "25" in the fourth and fifth columns, the figures "80" and "70" respectively shall be substituted 15 (xv) in items nos 51(1) ,nd 51(3), for the existing entries against each of them in the fourth column, the entry "100 per cent ad valorem or rs 5 per lb, whichever is higher" shall be substituted 20 (xvi) in item no 51(2), for the existing entries in the fourth column against sub-items (a) and (b), the entries "100 per cent ad valorem or rs 5 per lb, whichever is higher" and "100 per cent ad valorem or rs 4 per lb, whichever is higher" respectively shall be substituted (xvii) in item no 71(13), for the existing entries in the fourth column against each of the sub-items (a), (b) and (c), the entry "100 per cent ad valorem or fifteen annas per foot, whichever is higher" shall be substituted (xviii) in item no 72(7), in the third column, the word "revenue" shall be inserted, and for the existing entry in the fourth column, the entry "10 per cent ad valorem" shall be substituted (xix) in items nos 73, 73(1) and 77, for the existing entries against each of' them in the fourth and fifth columns, the entries "40 per cent ad valorem" and "30 per cent ad valorem" respectively shall be substituted 35 (xx) in item no 77(5), for the existing entries in the fourth and fifth columns, the entries "50 per cent ad valorem" and "40 per cent ad valorem" respectively shall be substituted (xxi) in item no 87, for the existin~ entry in the fourth column the entry "35 per cent ad valorem' shall be substituted part d in the first schedule to the tariff act, for items nos 30(1), 71, 72(11) and 85, the following items shall be substituted, namely:-| preferential rate    | of         | duty     ||----------------------|------------|----------|| if                   |            |          || the                  |            |          || article              |            |          || i                   |            |          || the                  |            |          || produce              |            |          || or                   | manu-      |          || duration             | of         |          || ,                    |            |          || facture              |            |          || of                   |            |          || protectift           |            |          || rata                 |            |          || of                   |            |          || dutj                 |            |          || the                  | united     |          || a british            |            |          || kinadom              |            |          || colony               |            |          || it                   |            | no      || name                 |            |          || of                   | article    |          || nature               |            |          || of                   |            |          || duty                 |            |          || s1iid4ar4            | rate       |          || of                   |            |          || duty                 |            |          || (j)                  |            |          || (3)                  | (3)        |          || (4)                  |            |          || (s)                  |            |          || (6)                  |            |          || (7)                  |            |          || 10                   |            |          || dyes                 |            |          || deriftd              |            |          || from                 |            |          || coal-tar, and        |            |          || a1-tar              |            |          || derivatives          |            |          || used                 | in         |          || any                  |            |          || dyei~                |            |          || procea,              |            |          || aillorb,             | not        | otherwie || lpecilied-           |            |          || 3o(j)                |            |          || (a)                  |            |          || vat                  |            |          || dyes                 |            |          || (paste)              | - jtcormue |          || -                    | 20         |          || per                  |            |          || cent                |            |          || fiti                 |            |          || "aior                |         |          |(6) coupling dyes of the naphthol 1foup-(i) naphthols ltnenue - 20 per cent _ ~ (ia) baa - - jtcorenue - 20 ;s;,,~t 114 (c) othera jtcorenue j2 per cent 114 ,,~ hardware, iroajnonaery and tooll, all ioi'h not otherwise specified, inc:1udin, inc:andacent mantles but excluding machine toob and apic:ultural imp1emenbt-71 · 3'j:", cent  () toola jtcorenue (6) 0ibera revenue _ ,0 per cent  fnilarrifi sewiq machines to be wod  d by muual labour or which require for their operation leu than one quarter brake ·horsepower, and parts of such sewing machines-72 (n) (d) the head, whether with or without preferential the hand attachment ; revenue bte of duty ie-35 per cent ad tually charged fjcdormr or at the time for ri 7'5 whicheftf such products of is hiaher the united 1gnadom oriain ,w 10 per cent g4 ~ (b) other parts, including the hand preferential attachment if imported separaterevenue iy 75 per cent 65 per cent_ ad fhjlormr fhlldrmr  buttons studs and c:u« linb- 85(d) made of metals, including buttons, revenue studs and cu1f linkl made of or plated with gold or silver or both 100 per cent g4 fjtiwmrt (b) made of pon:elain - reyedue 100 per cent g4 fhjlor"" (e) made of plastics protective 100 per cent fill fjdlor"" or one rupee per poa, whichever i ru,her 31st 1959 100 per cent _ fjdlur  , (4) dot othenrile specifted but ej:-reyeilue cludina jewellery  partidin the first schedu),e to the tariff act, the following items shall be inserted in their appropriate places:-preferential rate of duty if the article is the produce or manufacture of ooty ------------------------durati~ of 5 protective rates of duty standard rate of item no name of article nature of duty a british colony the united kingdom s 7 10 6 " 3 1 2 60 per cent ad fhjlorem revenue 21(10) ~ 25 per cent tid fja]or"" plra the excise duty for the time being leviable 011 like products if produced or manufactured in india, and where such duty is leviable at different rates, the highest duty revenue 46(~ staple fibre (excludiq yam)  (see section 4)in schedule i to the indian stamp act, 1899, in entry 13, for items (b) and (c), the following items shall be substituted, 5 namely:-| description                               | of                                             | instrument    | proper stamp duty         ||-------------------------------------------|------------------------------------------------|---------------|---------------------------|| 10                                        |                                                |               |                           || one rupee four annas                     |                                                |               |                           || two rupees                                | eight                                          |               |                           || annas                                    |                                                |               |                           || two                                       | rupees                                         | eight         |                           || annas                                    |                                                |               |                           || is                                        |                                                |               |                           || two                                       |                                                |               |                           || rupees                                    |                                                |               |                           || eight                                     |                                                |               |                           || annas                                    |                                                |               |                           || five rupees                              |                                                |               |                           || five rupees                              |                                                |               |                           || three rupees twelve                       |                                                |               |                           || annas                                    |                                                |               |                           || seven rupees eight                        |                                                |               |                           || annas                                    |                                                |               |                           || seven                                     | rupees eight                                   |               |                           || annas                                    |                                                |               |                           || 35                                        |                                                |               |                           || five rupees                              |                                                |               |                           || ten                                       | rupees                                        |               |                           || 40                                        |                                                |               |                           || ten                                       | rupees                                        |               |                           || "                                         |                                                |               |                           || (b)                                       | where payable otherwise thlln on               | demand-       |                           || (i)                                       |                                                |               |                           || where payable not more than three month s |                                                |               |                           || after date or                             |                                                |               |                           || sight-                                    |                                                |               |                           || if                                        | the                                            | amount        | of                        || not exceed rs                            |                                                |               |                           || 500                                      |                                                |               |                           || if                                        |                                                |               |                           || it                                        |                                                |               |                           || exceeds                                   | five                                           | hundred       | but                       || exceed rs                                |                                                |               |                           || 1,000                                    |                                                |               |                           || and for every additional rs              |                                                |               |                           || 1,000                                     |                                                |               |                           || or                                        |                                                |               |                           || part thereof in excess                    |                                                |               |                           || of                                        | rs                                            |               |                           || 1,000                                    |                                                |               |                           || (ii)                                      |                                                |               |                           || where payable more than three months      |                                                |               |                           || but not more than six months after date   |                                                |               |                           || or                                        |                                                |               |                           || sight-                                    |                                                |               |                           || if                                        | the amount                                     | of            | the bill or note does not || exceed rs                                |                                                |               |                           || 500                                      |                                                |               |                           || if                                        | it exceeds rs                                 |               |                           || 500                                       |                                                |               |                           || but does not exceed                       |                                                |               |                           || rs                                       |                                                |               |                           || 1,000                                    |                                                |               |                           || and for every additional rs              |                                                |               |                           || 1,000                                     |                                                |               |                           || or part                                   |                                                |               |                           || thereof in excess                         | of                                             | rs           |                           || 1,000                                    |                                                |               |                           || (iii)                                     |                                                |               |                           || where payable more than six months but    |                                                |               |                           || not more than nine months after           |                                                |               |                           || date or                                   |                                                |               |                           || sight-                                    |                                                |               |                           || if                                        | the amount                                     | of            | the bill or note does not || excet':d                                  | rs                                            |               |                           || 500                                      |                                                |               |                           || it                                        |                                                |               |                           || it                                        |                                                |               |                           || exceeds rs                               |                                                |               |                           || 500                                       |                                                |               |                           || but does not exceed                       |                                                |               |                           || rs                                       |                                                |               |                           || 1,000                                    |                                                |               |                           || and for every additional rs              |                                                |               |                           || 1,000                                     |                                                |               |                           || or                                        |                                                |               |                           || part                                      |                                                |               |                           || thereof in excess                         | of                                             | rs           |                           || 1,000                                    |                                                |               |                           || (i!l)                                     |                                                |               |                           || where payable more than nine months       |                                                |               |                           || but not more than one year after          |                                                |               |                           || date                                      |                                                |               |                           || or                                        | sight-                                         |               |                           || if                                        | the amount                                     | of            | the bill or note does not || exceed rs                                |                                                |               |                           || 500                                      |                                                |               |                           || if                                        | it exceeds rs                                 |               |                           || 500                                       |                                                |               |                           || but does not exceed                       |                                                |               |                           || rs                                       |                                                |               |                           || 1,000                                    |                                                |               |                           || and for every additional rs              |                                                |               |                           || 1,000                                     |                                                |               |                           || or                                        | part                                          |               |                           || thereof in excess                         |                                                |               |                           || of                                        | rs                                            |               |                           || 1,000                                    |                                                |               |                           || ten                                       | rupees                                        |               |                           || 45                                        |                                                |               |                           || twenty rupees                            |                                                |               |                           || twenty rupees                            |                                                |               |                           || (e)                                       | where payable at more than one year after date |               |                           || or                                        | sight-                                         |               |                           || if                                        | the amount                                     | of            | the                       || exceed rs                                |                                                |               |                           || 500                                      |                                                |               |                           || if                                        | it                                             | exceeds rs   |                           || 500                                       |                                                |               |                           || but does not exceed                       |                                                |               |                           || rs                                       |                                                |               |                           || 1,000                                    |                                                |               |                           || and for every additional rs              |                                                |               |                           || 1,000                                     |                                                |               |                           || or part                                   |                                                |               |                           || thereof in excess                         | of                                             | rs 1,006    |                           | statement of objects and reasonsthis bill seeks to increase the import duties on certain items and the notes on clauses explain the proposals contained in the bill it also proposes to levy on rayon and synthetic fibres and yarns !>roduced in india and the more expensive types ot motor cars manufactured in this country certain duties of excise under the provisional collection of taxes act, 1931 these increases and levies take effect immediately the bill also seeks to increase the stamp duties on bills of exchange nw dilhi; tm 30th novembef' h~58 t t krishnamachari clause 2 seeks to increase the imlxlrt duties on certain items the principal changes are:-(t) duties on wines and spirits are proposed to be raised by approximately 25% to 50%; (ii) duties on imported woollen fabrics, hosiery, carpets, etc are proposed to be increased to the same extent; (iii) the present ad valorem duty on sewing machines fa proposed to be raised; at the same time ensuring that a minimum specific duty of seventy-five rupees per sewing machine is payable in all cases; (iv) the duty on clocks and watches is proposed to be raised from 781% to 100%; (v) the import duty on certain coal-tar dyes is proposed tn be increased from 12% to 20%  a billto increase or modify the rates of duty on certain goods imported into india and to impose duties of excise on -certain goods produced or manufactured in india and to increase the stamp duty on bills of exchange the president has, in pursuance of clause (1) of article ii7 and clause (1) of article 274 of the constitution of india, recommended to lok sabha, the introduction of the bill m n kaul, secretary (shri t t krishnamachari, minister for finance) gipnd-ls 1-1980 ls-3o-ii-s6-17s0 