CUS NTF NO. 182/1992 DATE 06/05/1992

Exempts gold not exceeding 0.995 purity and falling under heading No. 71.08
AS AMENDED BY 188/94,101/95, 18/97

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 gold not exceeding 0.995 purity and falling under heading No. 71.08 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) when imported into India, under the Scheme For Scheme GAS specified in paragraph 88, of the Export and Import Policy, 1 April, 1992-31 March, 1997, notified by the Government of India in the Ministry of Commerce, Public Notice No. 1- ITC(PN)/92-97, dated the 31st March, 1992, and gold findings, mountings or solders upto 0.920 fineness and falling under Chapter 71 of the said First Schedule to the said Customs Tariff Act, when imported into India, under the Scheme F specified in paragraph 88 of the said Policy.

(i) the importer is covered by general or specific permit issued by the Reserve Bank of India;

(ii) subject to the condition that in the case of the said scheme, the importer executes a bond in such form and for such sum as may be specified by the Assistant Commissioner of Customs, undertaking himself to export gold jewellery of articles, having gold content equivalent to the imported gold including gold findings, mountings or solders within the period stipulated, or such extended period as the Assistant Commissioner of Customs on sufficient cause being shown may allow, and binding himself to pay on demand duty on a quantity of gold representing the difference between the quantity imported and that contained in the exported jewellery of articles.

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