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Import of Gold, Silver against export of Copper Anode Slime
Notification
No. 138 dated 30th December 1999
In
exercise of the powers conferred by sub-section (1) of section 25 of the Customs
Act, 1962(52 of 1962), the Central Government, being satisfied that it is
necessary in the public interest so to do, hereby exempts gold and silver
falling within Chapter 71 of the First Schedule to the Customs Tariff Act,
1975(51 of 1975) and produced out of copper anode slime, the said copper anode
slime being exported out of India for toll smelting or toll processing, when
imported into India, from so much of duty of customs leviable thereon which is
specified in the said First Schedule, as is in excess of the duty which would be
leviable if the value of the said goods were equal to the aggregate of -
(i)
the toll smelting or toll processing costs, as the case may be, that is
to say,-
(a)
labour charges,
(b)
cost of material(other than the cost of the goods exported out of India) used in
such toll smelting or toll processing, and
(c)
any other charges which are payable in connection with the toll smelting or toll
processing abroad; and
(ii)
the insurance and freight charges both ways,
subject
to the following conditions, namely: -
(a)
the gold or silver, as the case may be, are imported within one year of
the date of export of copper anode slime out of India; and
(b)
sufficient evidence exists to show that the gold or silver, as the case
may be, which are imported have in fact been obtained out of toll smelting or
toll processing of the copper anode slime exported out of India.
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