Gold and Silver - Exempts gold and silver imported under specified schemes.

Document Text

This notification exempts gold and silver imported under specified schemes Notification No 56 /2000-Customs 5th May, 2000 in the public 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. 144/93 – Cus. , dated 28th June, 1993 [ G.S.R. 480(E) dated the 28th June, 1993] in so far as it relates to import of silver or gold under the Scheme for export of Gold/Silver jewellery and articles against Gold and Silver supplied by the foreign buyer except as respects things done or omitted to be done before such supersession, the Central Government, being satisfied that it is interest so to do, hereby exempts necessary gold/silver/platinum, of gold/silver/platinum and plain semi-finished gold/silver/platinum jewellery ( hereinafter referred to as 'the said goods') falling within Chapter 71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India by nominated agencies or status h o ld ers o r exp o rter o f th ree years’ stan d in g h avin g a n an n u al averag e turn over of five crore rupees during the preceding three licencing years under the scheme for 'Export Against Supply by Foreign buyer' as referred to in paragraph 4.4.8 of the Export and Import Policy, 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: and mountings findings alloys, Provided that in the case of import by the nominated agencies, the importer or his authorised representative executes a bond in such form or for such sum as may be specified by the Assistant Commissioner of Customs or Deputy Commissioner of Customs, undertaking himself to export gold/silver/platinum jewellery or articles, as the case may be, including studded articles having gold/silver/platinum content equivalent to the imported gold/silver/platinum within the period stipulated in the relevant contract between the importer and the foreign supplier of the said goods, as the case may be, or such extended period as the Assistant Commissioner of Customs or Deputy Commissioner of Customs may, on sufficient cause being shown, allow, and binding himself to Day on demand duty on quantity of gold/silver/platinum representing the difference between the quantity imported and that contained in the exported jewellery or articles: goods imported, undertaking Provided further that in the case of import by status holders or exp o rters o f th ree years’ stan d in g h avin g an a n n u a l a verag e tu rn o ver of five crore rupees during the preceeding three licensing years, the importer executes a bond in such form and for such sum as may be specified by the Assistant Commissioner of Customs or Deputy Commissioner of Customs, and furnishes a bank guarantee for a sum equivalent to one and half times of the Customs duty leviable on the export said gold/silver/platinum jewellery or articles, as the case may be, including studded articles having gold/silver/platinum content equivalent to the imported gold/silver/platinum within 120 days from the date of import and to fulfill the conditions of Export and Import Policy and the Handbook of Procedures, Volume-l and to achieve the Export Obligation and Value Addition as stipulated in the Export and Import Policy and Handbook of Procedures, Volume-1 and binding himself to pay on demand duty on the said goods along with interest at the rate of 20% per annum on the said duty from the date of duty free importation till t the date of payment of duty in case of non- fulfillment of Value Addition or Export Obligation as stipulated in the Export and Import Policy or Handbook of Procedures, Volume-l or in case of failure to complete the export within said period of 120 days. himself to Explanation - for the purpose of this notification,- (a) "E xp o rt an d Im p o rt Po licy" m ean s th e ‘E xp o rt an d Im p o rt Po licy, 2002-2007 notified by the Government of India in the Ministry of Commerce and Industry vide notification No.1 /2002-2007, dated 31st March 2002, as amended from time to time. (b) "Handbook of Procedures Volume I" means the Handbook of Procedures Volume I, published by the Government of India in the Ministry of Commerce and Industry vide Public Notice No.1/2002-07, d ated 3 1 st M arch , 2 0 0 0 , as am en d ed fro m tim e to tim e.’ (c) "Nominated Agencies" means the Metals & Minerals Trading Corporation Limited (MMTC), the Handicraft and Handloom Export Corporation (HHEC), the State Trading Corporation (STC), the Project and Equipment Corporation of India Ltd.(PEC) and any agency authorized by the Reserve Bank of India (RBI); (d) "Status holder"' means the exporter recognized as export house/ trading house/ star trading house and superstar trading house by the Director General of Foreign Trade. Rajendra Singh Under Secretary to the Government o India F. No. 305/13/2000-FTT Notification No.56/2000-Cus. dated 05.05.2000 as amended by 56/2001-Cus. dated 18.05.2001.and No.64/2002-cus dated 24-6- 2002.

HS Codes Referenced

Need the current duty rate?

Calculate the full duty cascade — BCD, SWS, IGST and trade remedies — for any HS code, free.