(This Notification has been supersited vide CUS NTF NO. 31/2003 DATE 01/03/2003)
CUS NTF NO. 171/1994 DATE 30/09/1994
Gold imported by passengers.
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. 117/92-Customs, dated the
1st March, 1992, the Central Government, being satisfied that it is necessary in the
public interest so to do, hereby exempts gold, 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.250 per ten grams and the whole of
the additional duty leviable thereon under section 3 of the Customs Tariff act, 1975
(51 of 1975), subject to the following conditions, namely :-
a. the duty at the rate specified above shall be paid in convertible foreign currency;
b. the quantity of such gold shall not exceed ten kilograms per eligible passenger; and
c. the gold is either carried by the eligible passenger at the time of his arrival in
India or is imported by him within fifteen days of his arrival in India.
2. Notwithstanding anything contained in paragraph 1, the exemption under this notification
shall also apply to gold 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 gold from such a customs bonded warehouse and pays the duty leviable thereon before his clearance from customs.
EXPLANATION:- For the purpose of this notification,"eligible passenger" means a passenger of Indian 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.
As amended by Notifications No. 1/97-Cus., dated 1-1-1997;
No. 28/98-Cus., dated 2-6-1998 ,
No. 2/99-Cus., dated 4-1-1999.and
No. 20/2001-Cus, dated 01-03-2001.
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