Elgi Rubber Company Limited announced the details of the Order-in-Original No.42/2024 AC dated May 14 2024 passed by Assistant Commissioner of Customs, Customs House, tuticorin, received by the Company on May 20 2024, for appropriation of the payment of INR 3,000/- towards the customs duty and the amount of INR 2,750/- towards the interest for the utilized Bond No.2001392304/20.04.2018 and for imposition of INR 5,000/- penalty under Section 117 of the Customs Act, 1962. The Company had executed RE-bond No.2001392304 dated 20.04.2018 under Customs Notification No.046/2017-Cus., dated 30.06.2017 through the Deputy/Assistant Commissioner of Customs, Import Assessment Section, Custom House, Tuticorin for a total amount of INR 3,000/- for import of goods subject to a condition to re-export of goods within 6 months in order to avail the exemption of duty as stipulated under the said notification. However, the Company has submitted the documents details of shipment relating to the goods exported beyond the stipulated time.

in this regard, the Company had paid the customs duty of INR 3,000/- along with interest of INR 2,750/- towards utilized Bond No.2001392304/20.04.2018. Hence, the Assistant Commissioner of Customs, Customs House, Tuticorin vide Order-in-Original No.42/2024 - AC dated 14.05.2024, has ordered for appropriation of the amount ofINR3,000/- towards the duty and the amount of INR 2,750/- towards the interest for the utilized Bond No.2001392304/20.04.2018 and imposed a penalty of INR5,000/- under Section 117 of the Customs Act, 1962. The Company has taken all necessary steps to comply with the said Order.

Non-compliance with the condition of re-export of goods and submission of shipment details to the authority within 6 months in order to avail the exemption of duty as stipulated under Customs Notification No.046/2017-Cus., dated 30.06.2017. Total duty paid - INR 3,000/-Total interest paid - INR 2,750/-. Total penalty payable - INR 5,000/-.

Other than the above, there is no impact on the financial or other activities of the Company. The Company has taken all necessary steps to comply with the said Order.