CUSTOMS NOTIFICATION NO.250/1976, DATED : 2-8-1976

Foreign currency coin imported by a scheduled bank are exempt. -

(i) from the whole of the basic duty of customs; and

(ii) from the whole of the additional duty subject to the following conditions, namely :-

(a) the importation has the approval of the Reserve Bank of India; and (b) the said coins are utilised for disbursement in accordance with the regulations of the Reserve Bank of India, sanctioning foreign exchange for travellers.

Explanation : In this notification "scheduled bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), a subsidiary bank as defined in the State Bank of India (subsidiary banks) Act, 1959 (38 of 1959), a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or any other bank, being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934).

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