In exercise of the powers conferred by sub-section (1) of section 8B of the Customs Tariff Act, 1975 (51 of 1975), read with rules 12 and 14 of the customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, and based upon the final findings of the Director General (Safeguards) dated the 7th October, 1999, published in the Gazette of India, Extraordinary, Part II, section 3, Sub-section (i), dated the 4th November, 1999, that increased imports of acetone into India have threatened to cause serious injury to the domestic producers of Acetone and it would be in the public interest to impose safeguard duty for a period of two years and six months on imports of Acetone into India, the Central Government after considering the above mentioned findings of the Director General (Safeguards), hereby imposes on Acetone, falling under sub-heading No. 2914.11 of the First Schedule to the said Customs Tariff Act, when imported into India, a safeguard duty at the rate of-
(1)    28% ad valorem or Rs. 3000 per metric tonne, whichever is lower, if imported up-to and inclusive of the 26th day of January, 2001;
(2)    21% ad valorem or Rs. 2250 per metric tonne, whichever is lower, if imported on or after the 27th day of January, 2002; and
(3)    9% ad valoem or Rs. 965 per metric tonne, whichever is lower, if imported on or after the 27th day of January, 2002 but not later than the 26th day of July, 2002

2.    Nothing contained in this notification shall apply to imports made--
    (a) under an advance licence, subject to the condition that the exempt article shall not be disposed of or utilized in any meager except for utilization in discharge or export obligation, or for replenishment of article so utilized and the article so replenished shall not be sold or transferred to any other person;
    (b) from countries notified as developing countries under clause (a) of sub-section (6) of section 8B of the said Customs Tariff Act, other than South Africa.

Explanation -In this notification , "Advance Licence" means,- 
    (i) Quantity based Advance Licence issued in terms of paragraph 50 of the Export and Import Policy 1st April 1992-31st March 1997 published vide public notice of the Government of India in the Ministry of Commerce No. 1-ITC(PN)/92-97, dated the 31st March, 1992, as amended from time to time, and endorsed with non-transferable and actual user condition ;or
    (ii) Quantity Based Advance Licence issued in terms of paragraph 7.4 of thee Export and Import policy 1st April, 1997-31st March 2002 published vide notification of the Government of India in the Ministry of Commerce No. 1/1997-2002, dated the 31st March, 1997, as amended form time to time; or
    (iii) Annual Advance Licence issued in terms of paragraph 7.4A of the Export and Import policy 1st April, 1997- 31st March 2002 published vide notification of the Government of India in the Ministry of Commerce No. 1/1997-2002, dated the 31st March, 1997, as amended from time to time.