[TO BE
PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3,
SUBSECTION (i)]
GOVERNMENT
OF INDIA
MINISTRY
OF FINANCE
(DEPARTMENT
OF REVENUE)
Notification
No. 3/2012-Customs
New Delhi, the 16th January,
2012
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), and in supersession of the notification of the government of India in
the Ministry of Finance (Department of Revenue) No. 172/1994-Customs, dated the
30th September, 1994, published in the Gazette of India, Extraordinary vide,
G.S.R. No. 734(E), dated the 30th September, 1994,and notification No.31/2003-Customs,
dated the 1st March, 2003,published in the Gazette of India, Extraordinary
vide, G.S.R. No. 166(E), dated the 1st March, 2003, except as respects things
done or omitted to be done before such supersession, the Central Government on
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 below and
falling under Chapter 71 of the First Schedule to the Customs Tariff Act, 1975
(51 of 1975), when imported into India by an eligible passenger, 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 as specified in
the corresponding entry in column (3) of the said Table and from the whole of
the additional duty 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 at S.No.1 above, including tola bars and ornaments, but
excluding ornaments studded with stones or pearls
|
5%
|
3.
|
Silver, in any
form including ornaments , but excluding ornaments
studded with
stones or pearls.
|
6%
|
(2) The exemption is subject to
the following conditions, namely:-
(i)
the
duty shall be paid in convertible foreign currency;
(ii)
the
quantity of import shall not exceed ten kilograms of gold and one hundred
kilograms of silver per eligible passenger; and
(iii) the gold or silver 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.
Notwithstanding anything
contained above, the exemption under this notification shall also apply to gold
or silver 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 Ltd., subject to the conditions (i) and (ii) of para 2 above, 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 or silver from
such a customs bonded warehouse and pays the duty leviable thereon before his
clearance from customs.
Explanation.- For the purposes 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 or under the notification being superseded at
any time of such short visits.
(3) This notification shall come
into force on the 17th day of January, 2012.
F.No. 354/4/2012-TRU
[Raj Kumar Digvijay]
Under Secretary to the Government
of India
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