Customs Notification No- 02/2012 dated 16.01.2012
Exempts specified goods from customs duty
G.S.R. (E).- 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, and in
supersession of the notification of the Government of India in the Ministry of
Finance (Department of Revenue) No.62/2004-Customs, dated the 12th May, 2004,
published in the Gazette of India, Extraordinary vide, G.S.R. No.311(E), dated
the 12th May, 2004, except as respects things done or omitted to be done before
such supersession, the Central Government, being satisfied that it is necessary
in the public interest so to do, hereby exempts goods of the description
specified in column (2) of the Table hereto annexed and falling within Chapter
71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when
imported into India, other than through post, courier or baggage, from so much
of the duty of customs leviable thereon which is specified in the said First
Schedule as is in excess of the amount calculated at the rate specified in the
corresponding entry in column (3) of the said Table and from the whole of the
additional duty of customs leviable thereon under section 3 of the said Customs
Tariff Act.
Table
| S.No. |
Description of goods |
Rate |
| (1) |
(2) |
(3) |
| 1. |
Gold bars, other than tola bars, bearing manufacturer’s or refiner’s
engraved serial number and weight expressed in metric units, and gold
coins having gold content not below 99.5%. |
2% |
| 2. |
Gold in any form (other than those specified against S. No.1 in this
column) including liquid gold and tola bars. |
5% |
| 3. |
Silver in any form including silver coins having silver content not
below 99.9%. |
6% |
(2) For the purposes of this notification,-
(i) “Gold in any form” shall include medallions and coinshaving gold content not
below 99.5% but shall not include foreign currency coins and jewellery made of
gold ;
(ii) “Silver in any form” shall include medallions and coinshaving silver
content not below 99.9% but shall not include foreign currency coins and
jewellery made of silver.
(3) This notification shall come into force on the 17thday of January, 2012.
F.No.354/4/2012-TRU
[Raj Kumar Digvijay]
Under Secretary to the Government of India
CORRIGENDUM
New Delhi, dated the 23rdJanuary, 2012
G.S.R. (E).-In the notification of the Government of India, in the Ministry of
Finance (Department of Revenue), No. 2/2012-Customs, dated the 16th January,
2012 published in the Gazette of India, Extraordinary, Part II, Section 3,
Sub-section (i) vide number G.S.R. 23(E), dated the 16th January, 2012, in para
2, sub para (i)-
for the words “gold content not below” read “gold content below”
[F. No. 354/4/2012-TRU]
[Raj Kumar Digvijay]
Under Secretary to the Government of India
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