(to be/as introduced in lok sabba) ,1 page 2, line 10,-1:!2j: "and" ~ "or" 2 page 4, line 6 frcxn the bottom,-tqr "applicable" uag "if any, applicable" new delhi; august 1 l 1966 sravana a:>, 1888 \ saka) 1 2 aug 1966 biu no 54 or 196'  the cdsto,\ls (amend\lent) bill, 1966 a bill furthet to amend the customs act, 1962be it enacted by parliament in the seventeenth year of the ~~,~public of india as follows:-1 this act may be called the customs (amendment) act, 1966 short title z in section 14 of the cuctoms act, 1962 (hereinafter referred to amend-'5" the principal act), in sub-section (1), to clause (a), the followme~t of ~-' i ~~ ~'- provlso shall be added, name y: -14 i!~~ "provided that in the case of imported goods, such price  - '  '~shad be calculated with reference to the rate of exchange as ~~~min force on the relevant date referred to in sub-section (1) of ~tiod 15;" 3 in section 15 of the principal act,-alllclld -illcnt of 'pction 15 (a) in sub-section (1), for the words "the rate of duty", the words "the rate of duty, rate of exchange" shall be substituted; (b) after sub-section (2), the following sob-section shall s be inserted, namely:-"(3) for the purposes of section 14 and this section-(a) "race of exchange" means the rate of exchange determined by the central government for the conversion of indian currency into foreign currency and 10 foreign currency into indi~n currency; (b) "foreign currency" and "indian currency" have the meanings respectively assigned to them in the foreign exchange r~gulation act, 1947" ncpeai 4 (1) the customs (amendment) ordinance, 1966, is hereby 15 and reppnled savlilg (2) notwvhstanding such repeal, anything done or any action taken under the principal act as amended by the said ordinance shall be deemed to have been done or taken under the principal act as amended by this act as if this act had come into force on 20 the 6th day of june, 1966 consequent on devaluation, government considered it necessary to amend the customs act, 1962, 30 as to provide explicitly in section 14 of the act, which relates to valuation of goods for purposes of assessment, th{lt the price of imported goods should be determined with reference to the rates of exchange as in force on the relevant date referred to in section 15 of the act such amend- , ment would ensure the determination of the value and the rate of duty for customs purposes, i!1 respect of all goods imported before the date of devaluation but removed from customs bonded warehouses on or after that date, at the new rates of exchange it would place the importers who had warehoused their imported goods before the date of devaluation in the same position with regard to customs duty vis-a-vis other importers of simil~r goocl$ who cleared them directly for home consumption after that date the president a-ccordingly promulgated the customs (amendment) ordinance, 1966, on tl1e 7th july, 1966, to amend sections 14 and 15 of the act for the above purpose this bill is intended to replace the ordinance new deuu; sachindra chaudhuri the 6th august, 1966 president's recommendation under article 117 of the constitution of india [copy oj letter no 2/6/66-cu~vi dated th~ 6th august, 1966 frem shri s:lchindra chaudhuri minist~r of finance to the secretary, lok sabha] the president having been informed of the subject matter of the 'proposed bill recommends under :,,·t:de 117 (1) of the constitlition of india the introduction of the bill (52 or 1962) - - - - - - - 14 (1) for the 'purposes of the indian tariff act, 1934, or any other law for the time being in force whereunder a duty of customs is chargeable on any goods by reference to their value, the value of such goods shall be deemed to be-~ valuation of goods for purposes of assessment (a) the price at which !'luch or like goods are ordinarily seid, or offered for sale, for delivery at the time and place of importation or exportation, as the case may be, in the course of international trade, where the seller and the buyer have no interest in the business of each other and the price is the sole consideration for the sale or offer for sale; - - - - - - - 'of such goods is presented under that section; - - - - - - - date for 15 (1) the rate of duty and tariff valuation, applicable to any determina- imported goods, shall be the rate and valuation in force,-lion of  rate of (a) in the case of goods entered for home consumption duty and under section 46, on the date on which a bill of entry in respect tariff valuation of imported goods a bill furthcr to amend the customs act, 1962 , (shri sachindra chaudhuri, minister of fi1iati«) 