Gold and Silver - Effective rates of customs duty - 117/94 - Customs -Tariff

Gold and Silver - Effective rates of customs duty Notification No. 117/94-Cus. Dated 27-4-1994 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, 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, 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 leviable thereon under section 3 of the said Customs Tariff Act, subject to the condition that the said goods are covered by a Special Import Licence issued in terms of the Export and Import Policy 1st April 1992 - 31st March 1997 of the Government of India in the Ministry of Commerce : Provided that the duty at the rates specified in column (3) of the said Table hereto annexed shall be paid in convertible foreign currency out of the Exchange Earnings Foreign Currency Account of the importer. TABLE S. No. Description Rate (1) (2) (3) 1. Gold Rs. 220 per 10 grams 2. Silver Rs. 500 per kilogram