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Effective rate of duty on gold imported by a passenger of Indian origin
or a passenger holding a valid passport issued under the Passport Act, 1967 (15
of 1967) as baggage
Notification
No. 171 dated 30th September 1994 (As
amended by notifications 1/97, 28/98, 2/99, 20/2001)
In
exercise of the powers conferred by sub-section (1) of section 25 of the Customs
Act, 1962 (52 of 1962), and in supersession of the notification of the
Government of India in the Ministry of Finance (Department of Revenue) No.
117/92 - Customs, dated the 1st March, 1992, the Central Government,
being satisfied that it is necessary in the public interest so to do, hereby
exempts gold, in any form including ornaments (but excluding ornament studded
with stones or pearls), when imported into India by an eligible passenger, from
so much of the duty of customs leviable thereon which is specified in the First
Schedule to the Customs Tariff Act, 1975 (51 of 1975), as is in excess of the
amount calculated at the rate of Rs. 250 per ten grams and the whole of the
additional duty leviable thereon under section 3 of the Customs Tariff Act, 1975
(51 of 1975) subject to the following conditions, namely:-
(a)
the duty at the rate specified above shall be paid in convertible foreign
currency;
(b)
the quantity of such gold shall not exceed ten kilograms per eligible passenger;
and
(c)
the gold is either carried by the eligible passenger at the time of his arrival
in India or is imported by him within fifteen days of his arrival in India.
2.
Notwithstanding anything contained in paragraph 1, the exemption under
this notification shall also apply to gold taken delivery of by an eligible
passenger from a customs bonded warehouses of the State Bank of India or the
Minerals and Metals Trading Corporation Limited, subject to the conditions (a)
and (b) of paragraph 1 and subject to further condition that such eligible
passenger files a declaration in the prescribed form before the proper officer
of customs at the time of his arrival in India declaring his intention to take
delivery of the gold from such a customs bonded warehouses and pays the duty
leviable thereon before his clearance from customs.
Explanation-
For the purposes of this notification, �eligible passenger� means a
passenger of Indian origin or a passenger holding a valid passport, issued
under the passport Act, 1967 (15 to 1967), who is coming to India after a
period of not less than six months of stay abroad; and short visits, if any,
made by the eligible passenger during the aforesaid period of six months shall
be ignored if the total duration of stay on such visits does not exceed thirty
days and such passenger has not availed of the exemption under this
notification at any time of such short visits.
3.
This notification shall come into force on the 1st day of
November 1994.
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