No duty on exposed negative

MUMBAI, SEPT. 6. The Union Finance Minister, Mr. Yashwant Sinha, has announced that cinematographic films, exposed but not developed, and recorded magnetic films used for producing television serials, are exempt from custom duty.

The Ministry, vide a notification dated September 3, 2001, had notified that no customs duty should be charged on the above mentioned items, Mr. Anil Nagrath, Director-General, Association of Motion Pictures, and TV programme producers, said in a release here today.

However, the producers were forced to pay this duty as the Customs were not releasing the stock otherwise. The association had represented the matter to Mr. Sinha and he had considered it favourably, Mr. Nagrath added.

- PTI

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