CUS NTF NO. 04/1993 DATE 08/02/1993

Silver - when imported by a passenger
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. 4/93-Customs, dated the 8th February, 1993, the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts silver, in any form including ornaments (but excluding ornaments studded with stones or pearls), when imported into India by an eligible passenger, from so much of the duty of customs leviable thereon which is specified in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), as is in excess of the amount calculated at the rate of Rs. 500 per kilogram and the whole of the additional duty leviable thereon under section 3 of the Cutoms Tariff Act, 1975 (51 of 1975), subject to the following conditions namely :-

(a) the duty of the rate specified above shall be paid in convertible foreign currency;

(b) the quantity os such silver shall not exceed one hundred kilograms per eligible passenger; and

(c) the silver is either carried by the eligible passenger at the time of his arrival in India or is imported by them within fifteen days of his arrival in India.

2. Notwithstanding anything contained in paragraph 1, the exemption under this notification shall also apply to silver taken delivery of by an eligible passenger from a customs bonded warehouse of the State Bank of India or the Minerals and Metals Trading Corporation Limited, subject to the conditions (a) and (b) of paragraph 1 and subject to further condition that such eligible passenger files a declaration in the prescribed form before the proper officer of customs at the time of his arrival in India declaring his intention to take delivery of the silver from such a customs bonded warehouse and pays the duty leviable theron before his clearance from customs.

Explanation : For the purpose of this notification , "eligible passenger" means a passenger of India origin or a passenger holding a valid passport, issued under the passports Act, 1967 (15 of 1967), who is coming to India after a period of not less than six months of stay abroad; and short visits, if any, made by the eligible passenger during the aforesaid period of six months shall be ignored if the total duration of stay on such visits does not exceed thirty days and such passenger has not availed of the exemption under this notification at any time of such short visits.

3. This notification shall come into force on the 1st day of November, 1994.

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