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Exemption from customs duties leviable on various items of Chapter 71 of
CTA imported under a Replenishment Licence
Notification
No. 86 dated
7th August 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.
49/97-Customs, dated 23-5-97 [GSR 272(E), dated
23-5-97], except as respects things done or omitted to be done before
such supersession, the Central Government, being satisfied that it is necessary
in the public interest so to do, hereby exempts :
(i)
gold of fineness not less than 0.995,
(ii)
platinum of fineness not less than 0.900,
(iii)
silver of fineness not less than 0.999,
(iv)
gold findings, gold mountings or gold solders upto 0.920 fineness, upto
10% of the value of the licence within the overall value of the licence,
(v)
platinum findings, platinum mountings or platinum solders upto 0.920
fineness, upto 10% of the value of the licence within the overall value of the
licence,
(vi)
silver findings, silver mountings or silver solders upto 0.925 fineness
upto 10% of the value of the licence within the overall value of the licence,
falling
within Chapter 71 of the First Schedule to the Customs Tariff Act, 1975 (51 of
1975), when imported into India under a Replenishment Licence issued against
export of plain or studded gold
jewellery or articles thereof, platinum jewellery or articles thereof or silver
jewellery or articles thereof, in terms of paragraph 8.37 of the Export and
Import Policy read with paragraphs 8.82 and 8.84 of the Handbook of Procedures,
from the whole of the duty of customs leviable thereon, which is specified in
the said First Schedule and from the whole of the additional duty leviable
thereon under section 3 of the said Customs Tariff Act.
Explanation-
For the purpose of this notification.-
(a)
�Export and Import Policy� means the Export and Import Policy, 1997-2002,
notified by Government of India in the Ministry of Commerce and Industry vide
notification No.1 (RE-00)/1997-2002, dated the 31st March, 2001, as
amended from time to time;
(b)
�Handbook of Procedures� means the Handbook of Procedures, Vol-I,
published vide Public Notice of the Government of India in the Ministry of
Commerce and Industry, No.1(RE-2001)/1997-2002, dated the 31st
March, 2001, as amended from time to time.
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