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Reduction in Customs Duty on Gold
Customs
Notification No. 31 dated 1st March 2003
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 erstwhile
Ministry of Finance (Department of Revenue) No. 171/94-Customs, dated the 30th
September, 1994, published in the Gazette of India, vide number G.S.R. 733 (E),
dated the 30th September, 1994, the Central Government, 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
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S.No.
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Description
of goods
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Rate
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(1)
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(2)
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(3)
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1.
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Gold bars, other
than tola bars, bearing manufacturer�s or refiner�s engraved serial
number and weight expressed in metric units, and gold coins
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Rs. 100 per 10 gms.
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2.
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Gold in any form
other than at S.No.1 above, including tola bars and ornaments, but
excluding ornaments studded with stones or pearls
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Rs. 250 per 10 gms.
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(2)
The exemption is subject to the following conditions, namely: -
(i)
the duty shall be paid in convertible foreign currency;
(ii)
the quantity of gold imported in any form shall not exceed ten kilograms
per eligible passenger; and
(iii)
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.
Notwithstanding
anything contained above, the exemption under this notification shall also apply
to gold 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 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.
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