GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
Notification No. 3/2012-Customs
New Delhi, the 16th January, 2012
G.S.R. (E).-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. 172/1994-Customs, dated the 30th September, 1994, published in the Gazette
of India, Extraordinary vide, G.S.R. No. 734(E), dated the 30th September,
1994,and
notification No.31/2003-Customs, dated the 1st March, 2003,published in
the Gazette of India, Extraordinary vide, G.S.R. No. 166(E), dated the 1st
March, 2003, except as respects things done or omitted to be done before such
supersession, the Central Government on being satisfied that it is necessary in
the public interest so to do, hereby exempts goods of the description specified
in column (2) of the Table below and falling under Chapter 71 of the First
Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India
by an eligible passenger, from so much of the duty of customs leviable thereon
which is specified in the said First Schedule, as is in excess of the amount
calculated at the rate as specified in the corresponding entry in column (3) of
the said Table and from the whole of the additional duty leviable thereon under
section 3 of the said Customs Tariff Act.
Table
S.No.
|
Description of goods
|
Rate |
(1) |
(2) |
(3) |
1. |
Gold bars, other than tola bars, bearing manufacturer’s or refiner’s engraved
serial number and weight expressed in metric units, and gold coins having gold
content not below 99.5% |
2% |
2. |
Gold in any form other than at S.No.1 above, including tola bars and ornaments,
but excluding ornaments studded with stones or pearls |
5% |
3. |
Silver, in any form including ornaments , but excluding ornaments studded with
stones or pearls |
6% |
(2) The exemption is subject to the following conditions, namely:-
(i) the duty shall be paid in convertible foreign currency;
(ii) the quantity of import shall not exceed ten kilograms of gold and one
hundred kilograms of silver per eligible passenger; and
(iii) the gold or silver 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.
Notwithstanding anything contained above, the exemption under this notification
shall also apply to gold or silver taken delivery of by an eligible passenger
from a customs bonded warehouse of the State Bank of India or the Minerals and
Metals Trading Corporation Ltd., subject to the conditions (i) and (ii) of para
2 above, 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 or silver from such a customs bonded warehouse 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 Passports Act, 1967 (15 of 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
or under the notification being superseded at any time of such short visits.
(3) This notification shall come into force on the 17th day of January, 2012.
F.No. 354/4/2012-TRU
[Raj Kumar Digvijay]
Under Secretary to the Government of India