CG partially exempts Duty of Excise on special type of Gold and Silver Bars

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

      GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

 Notification No. 2/2012-Central Excise

New Delhi, the 16^th January, 2012 

G.S.R. (E). - In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 5/2006-Central Excise, dated the 1st March, 2006 which was published in the Gazette of India, Extraordinary, vide G.S.R. 95(E) dated the 1st March, 2006, namely: 

In the said notification, in the Table,-

 (i)   for S. No. 21A, and the entries relating thereto, the following shall be substituted, namely:-

(1)	(2)	(3)	(4)	(5)
“21A	71	Gold bars, other than tola bars, bearing manufacturer’s engraved serial number and weight expressed in metric units manufactured in a factory starting from the stage of- (a)   gold ore or concentrate; (b)   gold dore bar; or (c)   silver dore bar Explanation.- For the purposes of this exemption, ‘gold dore bars’ shall mean dore bars having gold content not exceeding 95% and‘silverdore bar’ shall mean dore bars having silver content not exceeding 95% accompanied by an assay certificate issued by the mining company, giving details of composition.	1.5%	-”;

(ii)   for S. No. 21B and the entries relating thereto, the following shall be substituted, namely:-

(1)	(2)	(3)	(4)	(5)
“21B	71	Silver manufactured in a factory starting from the stage of- (a)       silver ore or concentrate; (b)      silver dore bar; or       (c)    golddore bar. Explanation.- For the purposes of this exemption, ‘gold dore bars’ and ‘silver dore bar’ shall have the same meaning as inS. No. 21A.	4%	-”;

(iii)    for S. No. 21C, and the entries relating thereto, the following shall be substituted, namely:-

(1)	(2)	(3)	(4)	(5)
“21C	71	The following goods manufactured or produced during the process of copper smelting starting from the stage of copper ore or concentrate in the same factory:- (i) gold bars , other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units and gold coin; (ii)  silver in any form	2% 6%	-”;

(iv)    against S. No. 25, in column (3), for the words “silver, platinum,” the words “platinum”, shall be substituted.

2. This notification shall come into force with effect from 17^th January, 2012.

 [F. No. 354/4/2012-TRU]

  

 [Raj Kumar Digvijay]
Under Secretary to the Government of India

Note.- The principal notification No.5/2006-Central Excise, dated the 1^st March, 2006 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 95(E) dated the 1^st March, 2006 and was last amended vide notification No.25/2011-Central Excise, dated the 24^th  March ,2011 which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R 237 (E) dated the 24^th March, 2011.