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Exemption to Silver and Gold falling under heading No
Notification
No. 144 dated 28th June 1993 (As amended by notification nos. 37/95,
101/95)
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 silver and gold
falling under heading No.71.06 and 71.08 respectively of the First Schedule to
the Customs Tariff Act, 1975 (51of 1975), when imported into India, under the -
(a)
Scheme for export of Gold/Silver jewellery and articles against
Gold/Silver supplied by the foreign buyer, or
(b)
Scheme for export of Gold/Silver jewellery and articles for sale at
approved exhibitions, or
(c)
Gold/ Silver and Platinum jewellery and articles Export Promotion and
Replenishment Scheme, specified in paragraph 88 of the Export and Import policy,
1 April, 1992-31st March, 1997 read with Chapter Vlll of the Handbook
of Procedures, Volume I, 1 April 1992-31 March, 1997, of the Government of India
in the Ministry of Commerce 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:
Provided
that in the case of imports under the �Scheme for export of gold/silver
jewellery and articles against gold/ silver supplied by the foreign buyer� the
importer or his authorised representative executes a bond in such form and for
such sum as may be specified by the Assistant Commissioner of Customs,
undertaking himself to export gold/ silver jewellery or articles as the case may
be, including studded articles having gold/silver content equivalent to the
imported gold/ silver within the period stipulated in the relevant contract
between the importer and the foreign supplier of gold/silver, as the case may
be, or such extended period as the Assistant Commissioner of Customs, on
sufficient cause being shown, may allow, and binding himself to pay on demand
duty on quantity of gold/ silver representing the difference between the
quantity imported and that contained in the exported jewellery or articles.
Provided
further that in the case of imports under the �Scheme for export of
Gold/Silver jewellery and articles for sale at approved exhibitions� and
�Gold/ Silver and Platinum jewellery and article Export promotion and
Replenishment Scheme�, the importer executes a bond in such form and for such
sum as may be specified by the Assistant Commissioner of Customs, undertaking to
export either by itself or through other exporters, gold/ silver jewellery or
articles as the case may be, including studded articles having gold/silver
content equivalent to the imported gold/ silver within a period of 120 days from
the date of issue of gold to the exporters, or such extended period as the
Assistant Commissioner of Customs, on sufficient cause being shown, may allow
and binding himself to pay on demand duty on quantity of gold/ silver
representing the difference between the quantity issued and the contained in the
exported jewellery or articles.
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