Notification
No.24/2011-Customs
New Delhi, the 1st March, 2011
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), the Central Government, on being satisfied that
it is necessary
in the public interest so to do, hereby exempts copper concentrates falling
under the tariff item
2603 00 00 of the First Schedule to the Customs Tariff Act, 1975(51 of 1975),
when imported
into India, from so much of the duty of customs as is equivalent to the duty of
customs leviable
on the value of gold and silver contained in such copper concentrate, subject to
the condition
that the importer produces to the Assistant Commissioner of Customs or Deputy
Commissioner
of Customs, as the case may be, an assay certificate from the mining company
specifying
separately, the value of gold and silver content in such copper concentrate.
Illustration.- If the total value of copper concentrate is Rs 100 and value of
gold and silver
in that copper concentrate is Rs 40, basic customs duty shall be computed on the
value of Rs 60
only. However, the total value of Rs 100 shall be taken into account, for the
purposes of levy of
additional duties of customs leviable under section 3 of the Customs Tariff Act,
1975.