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Standard Gold bars import by bank authorised by R.B.I
Notification
No. 97 dated 21st July 1999
In
exercise of 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 standard gold bars
falling under Chapter 71 of the First Schedule to the Customs Tariff Act, 1975
(51 of 1975), when imported into India, by a bank authorized by the Reserve Bank
of India (hereinafter referred to as the participating bank) 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 and special additional duty
leviable thereon, respectively, under section 3 and section 3A of the said
Customs Tariff Act, subject to the following conditions, namely:
(i)
that at the time of import, a certificate from an officer of the
participating bank not below the rank of General Manager or equivalent thereof
is produced to the effect that the said gold bars (in respect of description,
quantity and technical specification) are imported under the Gold Deposit Scheme
in exchange of scrap gold to be exported out of India; and
(ii)
that an undertaking is furnished by the participating bank to the
Assistant Commissioner or Deputy Commissioner of Customs to the effect that-
(a)
the said gold bars shall be used in connection with the Gold Deposit Scheme,
referred to in condition (i), in the manner authorized by the Reserve Bank of
India; and
(b)
the participating bank shall pay, on demand, in the event of its failure to
comply with clause (a), an amount equal to the difference between the duty
leviable on such quantity of the said gold bars but for the exemption contained
herein and that already paid at the time of importation.
(iii)
that the Gold Deposit Scheme under which the exchange mentioned in condition (i)
takes place shall have to be approved by the Reserve Bank of India.
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