(Supersited vide Custom Notification No.56/2000 dated 5-5-2000)

CUS NTF NO.144/1993 DATE 28/06/1993

Exempts Silver and Gold under heading no. 71.06 and 71.08
As amended by Notification No. 36/95-Cus dated 16-3-1995. 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 (51 of 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 - 31 March, 1997, read with Chapter VIII 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 Collector 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 Collector 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 articles Export Promotion and Replenishment Scheme", the importer executes a bond in such form and for such sum as may be specified by the Assistant Collector 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 Collector 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 that contained in the exported jewellery or articles.

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