CUSTOMS NOTIFICATION No.
86/2001 Dated 7th August, 2001
Duty Exemption Notification for import of Gold, Platinum, Silver etc under REP
Licence
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. 49/97-Customs, dated 23-5-97 [GSR 272(E), dated 23-5-97], 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 -
(i) gold of fineness not less than 0.995,
(ii) platinum of fineness not less than 0.900,
(iii) silver of fineness not less than 0.999,
(iv) gold findings, gold mountings or gold solders upto 0.920 fineness, upto 10%
of the value of the licence within the overall value of the licence,
(v) platinum findings, platinum mountings or platinum solders upto 0.920
fineness, upto 10% of the value of the licence within the overall value of the
licence,
(vi) silver findings, silver mountings or silver solders upto 0.925 fineness
upto 10% of the value of the licence within the overall value of the licence,
falling within Chapter 71 of the First Schedule to the Customs Tariff Act, 1975
(51 of 1975), when imported into India under a Replenishment Licence issued
against export of plain or studded gold jewellery or articles thereof, platinum
jewellery or articles thereof or silver jewellery or articles thereof, in terms
of paragraph 8.37 of the Export and Import Policy read with paragraphs 8.82 and
8.84 of the Handbook of Procedures, from the whole of the duty of customs
leviable thereon, which is specified in the said First Schedule and from the
whole of the additional duty leviable thereon under section 3 of the said
Customs Tariff Act.
Explanation.- For the purpose of this notification.-
(a) "Export and Import Policy" means the Export and Import Policy, 1997-2002,
notified by Government of India in the Ministry of Commerce and Industry vide
notification No.1 (RE-00)/1997-2002, dated the 31st March, 2001, as amended from
time to time;
(b) "Handbook of Procedures" means the Handbook of Procedures, Vol-I, published
vide Public Notice of the Government of India in the Ministry of Commerce and
Industry, No.1(RE-2001)/1997-2002, dated the 31st March, 2001, as amended from
time to time.
Sd/-
(Rajendra Singh)
Under Secretary to the Government of India