Custom duty and whole of the additional duty exemptions to gold/silver/platinum, alloys, findings and mountings and plain semi-finished gold/silver/platinum jewellery when imported into India by nominated agencies, status holders. - 056/2000 - Customs -Tariff

This notification exempts gold and silver imported under specified schemes Notification No 56 /2000-Customs, dated 5th May, 2000 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. 144/93 -Cus , dated 28th June, 1993 [G.S.R. 480(E) dated the 28th June, 1993] in so far as it relates to import of silver or gold under the Scheme for export of Gold/Silver jewellery and articles against Gold and Silver supplied by the foreign buyer 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 gold/silver/platinum, alloys, findings and mountings of gold/silver/platinum and plain semi-finished gold/silver/platinum jewellery ( hereinafter referred to as 'the said goods') falling within Chapter 71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India by nominated agencies, status holders, or exporters of three years standing having an annual average turnover of five crore rupees during the preceding three licensing years under the scheme for 'Export Against Supply by Foreign buyer' as referred to in 8 [paragraph 4.44] of the Foreign Trade Policy, 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 3 [under sub-sections (1), (3) and (5) of section 3 ] of the said Customs Tariff Act: Provided that in the case of import by the nominated agencies, the importer or his authorised representative executes a bond in such form or for such sum as may be specified by the Assistant Commissioner of Customs or Deputy Commissioner of Customs, undertaking himself to export gold/silver/platinum jewellery or articles, as the case may be, including studded articles having gold/silver/platinum content equivalent to the imported gold/silver/platinum within the period stipulated in the relevant contract between the importer and the foreign supplier of the said goods, as the case may be, or such extended period as the Assistant Commissioner of Customs or Deputy Commissioner of Customs may, on sufficient cause being shown, allow, and binding himself to Day on demand duty on quantity of gold/silver/platinum representing the difference between the quantity imported and that contained in the exported jewellery or articles: Provided further that in the case of import by status holders or exporters of three years standing having an annual average turnover of five crore rupees during the preceding three licensing years, the importer executes a bond in such form and for such sum as may be specified by the Assistant Commissioner of Customs or Deputy Commissioner of Customs, and furnishes a bank guarantee for a sum equivalent to one and half times of the Customs duty leviable on the said goods imported, undertaking himself to export gold/silver/platinum jewellery or articles, as the case may be, including studded articles having gold/silver/platinum content equivalent to the imported gold/silver/platinum within 5 [90 days] from the date of import and to fulfill the conditions of Foreign Trade Policy and the Handbook of Procedures, Volume-l and to achieve the Export Obligation and Value Addition as stipulated in the Foreign Trade Policy and Handbook of Procedures, Volume-1 and binding himself to pay on demand duty on the said goods along with interest at the rate of 20% per annum on the said duty from the date of duty free importation till t the date of payment of duty in case of non-fulfillment of Value Addition or Export Obligation as stipulated in the Foreign Trade Policy or Handbook of Procedures, Volume-l or in case of failure to complete the export within said period of 5 [90 days.] 7 [ Provided also that the importers and the exporters, who are receiving the supply from the importers for the intended purpose, shall follow the procedure, as applicable, in the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017, as amended from time to time, with effect from the 1st October, 2022: ] 6 [ Provided further that for the cases where the last date of exports falls between 01.2.2020 and 31.7.2020, the last date of exports stands extended by six months. ] Explanation .- for the purpose of this notification,- 9 [(a) Foreign Trade Policy means Foreign Trade Policy, 2023 notified by the Government of India, Ministry of Commerce and Industry published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub- section (ii) vide Notification No 01/2023, dated the 31st March, 2023 . ] 10 [ (b) Handbook of Procedures means Handbook of Procedures, 2023 notified by the Government of India in the Ministry of Commerce and Industry published in the Gazette of India, Extraordinary, Part-I, Section-I vide Public Notice No 1/2023, dated the 1st April, 2023. ] (c) Nominated Agencies means the Metals Minerals Trading Corporation Limited (MMTC), the Handicraft and Handloom Export Corporation (HHEC), the State Trading Corporation (STC), the Project and Equipment Corporation of India Ltd.(PEC) and any agency authorised by the Reserve Bank of India (RBI); 2 [(d) Status holder means importer recognised as One Star Export House, Two Star Export House, Three Star Export House, Four Star Export House, or as the case may be, Five Star Export House, in terms of the Foreign Trade Policy.]] (RAJENDRA SINGH) Under Secretary to the Government of India F. No. 305/13/2000-FTT ********************* Notes: - As amended by Notification No 56/2001 dated 18/5/2001 , 64/2002 dated 24/6/2002 , and 87/2004 dated 6/9/2004 and 84 /2007 dated 6/7/2007 , 106/2009 dated 14/9/2009 1. Clause a, b substituted vide Not. 33/2015 - Dated 15-5-2015 , before it was read as, (a) 'Foreign Trade Policy' means Foreign Trade Policy, 2009 - 2014 notified by the Government of India in the Ministry of Commerce and Industry published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub section (ii) vide notification No. 1/2009-2014, dated the 27th August, 2009, as amended from time to time. (b) 'Handbook of Procedures (Volume-I)' means Handbook of Procedures (Volume-I) notified by the Government of India in the Ministry of Commerce and Industry published in the Gazette of India, Extraordinary, Part-I, Section-1 vide Public Notice No. 1/2009-2014, dated the 27th August, 2009, as amended from time to time. 2. Clause d substituted vide Not. 33/2015 - Dated 15-5-2015 , before it was read as, (d) Status holder means the importer recognized as Export House (EH), Star Export House (SEH), Trading House (TH), Star Trading House (STH) and Premier Trading House (PTH) in terms of paragraph 3.10.2 of Foreign Trade Policy. 3. Substituted vide Not. 26/2017 - Dated 29-6-2017 , 1st day of July, 2017 , before it was read as. under section 3 4. Substituted vide Notification No. 90/2017 - Dated 27-11-2017, before it was read as, paragraph 4A.8 5. Substituted vide Notification No. 90/2017 - Dated 27-11-2017, before it was read as, 120 days 6. Inserted vide Notification No. 24/2020 - Customs dated 21-05-2020 7. Inserted vide NOTIFICATION NO. 47/2022-Customs dated 07-09-2022 8. Substituted vide Notification No. 28/2023 Customs, dated 01.04.2023 , before it was read as, 4 [paragraph 4.45] 9. Substituted vide Notification No. 28/2023 Customs, dated 01.04.2023 , before it was read as, 1 [(a) Foreign Trade Policy means Foreign Trade Policy, 2015 - 2020 notified by the Government of India in the Ministry of Commerce and Industry published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub- section (ii) vide notification No. 01/2015-2020, dated the 1 st April, 2015. 10. Substituted vide Notification No. 28/2023 Customs, dated 01.04.2023 , before it was read as, (b) Handbook of Procedures means Handbook of Procedures notified by the Government of India in the Ministry of Commerce and Industry published in the Gazette of India, Extraordinary, Part-I, Section 1 vide Public Notice No. 01/2015-2020, dated the 1 st April, 2015. ]