Exemption to gold, silver and platinum imported under specified schemes - 057/2000 - Customs -Tariff

This notification exempts gold, silver and platinum imported under specified schemes 8 May,2000. Notification No 57 /2000-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962, (52 of 1962), and in super-session of the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 144/93-Cus, dated the 28th June, 1993 [ G.S.R. 480(E) dated the 28th June, 1996] except as respects things done or omitted to be done before such super-session, the Central Government, being satisfied that it is necessary in the public interest so to do, 10 [ hereby exempts silver, gold and platinum of the description specified in column (3) of the Table below falling under headings 71.06,71.08 and 71.10 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India under the scheme specified in column (2) of the said Table, from so much of the duty of customs leviable thereon under the said First Schedule as specified in the corresponding entry in column (4) of the said Table, and from the whole of the additional duty leviable thereon under sub-sections (1), (3) and (5) of section 3 of the said Customs Tariff Act:- TABLE Sl. No. Scheme under Foreign Trade Policy Description of goods Amount of duty (1) (2) (3) (4) 1. As replenishment under the Scheme for Export through Exhibitions/Export Promotion Tours/Export of Branded Jewellery as referred to in Paragraph 20 [ 4.45 ] of the Foreign Trade Policy, read with relevant provisions of Chapter 4 of the Handbook of Procedures. (a) Gold 25 [ 4.35% ] (b) Silver 25 [ 4.35% ] (c) Platinum Whole of the duty of customs leviable thereon, which is specified in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975). 2. Under the Scheme for Export Against Supply by Nominated Agencies as referred to in Paragraph 21 [ 4.40 ] of the Foreign Trade Policy, read with relevant provisions of Chapter 4 of the Hand Book of Procedures. Gold, Silver, Platinum Whole of the duty of customs leviable thereon, which is specified in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) ] Provided that in the case of import of gold/silver/platinum as replenishment under the scheme for 'Export through Exhibitions/ Export Promotion Tours/ Export of Branded Jewellery', the importer undertakes to fulfill the conditions of Foreign Trade Policy and relevant provisions of the Handbook of Procedures, Volume-1 and produces such documents as stipulated in the Foreign Trade Policy and the Handbook of Procedures, Volume-1 and produces such proof of exports made through exhibitions /export promotion tours etc, as may be required by the Assistant Commissioner of Customs or the Deputy Commissioner of Customs to satisfy himself with regard to eligibility of the importer for the duty free import of replenishment material: 7 [ 3 [ Provided further that in the case of import of gold / silver / platinum under the scheme for 'Export Against Supply by Nominated Agencies', 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, undertaking to export, either by itself or through other exporters, 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 a period of ninety days from the date of issue of gold / silver / platinum to the exporters, and binding himself to pay on demand duty on quantity of gold / silver / platinum representing the difference between the quantity issued and that contained in the exported jewellery or articles. ]] 12 [ 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. ] 15 [ Provided also that for the cases where the last date of exports falls between the 1st February, 2021 and the 30th June, 2021, the last date of exports stands extended by six months ] 17 [ 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: ] 11 [ **** ] Provided also that the nominated agencies (except for those authorized by RBI) shall follow the procedure and fulfill the conditions as specified in the 18 [ Policy Circular No. 39 (RE-2010)/2009-14, dated the 19th August, 2011, para 4.41 of the Foreign Trade Policy (2015-20) and para 4.94 of the Hand Book of Procedures (2015-20), as applicable and ] as amended from time to time, issued by Director General of Foreign Trade Explanation .- for the purpose of this notification,- 22 [ (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 1/2023, dated the 31st March, 2023 ] 23 [ (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 01/2023, dated the 1st April, 2023. ] 24 [ (c) Nominated agencies means (1) Handicraft and Handloom Export Corporation (HHEC); (2) MSTC Ltd; (3) Diamond India Limited (DIL); (4) any bank as authorised by Reserve Bank of India as Nominated Agency ] (RAJENDRA SINGH) UNDER SECRETARY TO THE GOVERNMENT OF INDIA F. No. 305/13/2000-FTT *********************** Notes:- As amended by Notification No. 64/2002 dated 24/6/2002, 87/2004 dated 6/9/2004 and 84/2007 dated 6/7/2007, 106/2009 dated 14/9/2009 1. Substituted vide Not. 33/2015 - Dated 15-5-2015 , before it was read as, Paragraph 4A.14 2. Substituted vide Not. 33/2015 - Dated 15-5-2015 , before it was read as, Paragraph 4A.9 3. Omitted vide Not. 33/2015 - Dated 15-5-2015 , before it was read as, Provided further that in the case of import of gold/ silver/ platinum under the scheme for 'Export Against Supply by Nominated Agencies', the importer executes a bond in such form and for such sum as may be specified by the Assistant Commissioner of Customs of Deputy Commissioner of Customs undertaking to export, either by itself or through other exporters 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 a period of 120 days from the date of issue of gold / silver / platinum to the exporters, or such extended period as the Assistant Commissioner of Customs of Deputy Commissioner of Customs, on sufficient cause being shown may allow, and binding himself to pay on demand duty on quantity of gold/silver/ platinum representing the different between the quantity issued and that contained in the exported jewellery or articles: 4. 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. 5. Substituted vide Not. 33/2015 - Dated 15-5-2015 , before it was read as, (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. 6. Substituted vide Not. 33/2015 - Dated 15-5-2015 , before it was read as, (c) Nominated agencies means,- (1) Metals and Minerals Trading Corporation Limited (MMTC); (2) Handicraft and Handloom Export Corporation (HHEC); (3) State Trading Corporation (STC); (4) Project and Equipment Corporation of India Ltd. (PEC); (5) STCL Ltd; (6) MSTC Ltd; (7) Diamond India Limited (DIL); (8) Gems Jewellery Export Promotion Council (G J EPC); (9) a Star Trading House (only for Gems and Jewellery sector) or a Premier Trading House under paragraph 3.10.2 of Foreign Trade Policy; and (10) any other agency authorised by Reserve Bank of India (RBI). . 7. Substituted vide Notification No. 56/2016 - Customs dated 03-10-2016 before it was read as, See Note No. 03 8. Substituted vide Notification No. 26 /2017 - Customs dated 29-06-2017 before it was read as, under section 3 9. Inserted vide Notification No. 78/2018 Customs dated 29-11-2018 10. Substituted vide Notification No. 28/2019 Customs dated 02-09-2019 before it was read as hereby exempts silver, gold and platinum, falling under heading Nos. 71.06, 71.08 and 71.10 respectively of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India,- (a) as replenishment under the Scheme for 'Export through Exhibitions/Export promotion Tours/Export of Branded Jewellery' as referred to in 1 [ paragraph 4.46 ] of the Foreign Trade Policy , read with relevant provisions of chapter 4 of the Handbook of Procedures, Volume 1, or (b) under the Scheme for 'Export Against Supply by Nominated Agencies' as referred to in 2 [ paragraph 4.41 ] of the Foreign Trade Policy, read with relevant provisions of Chapter 4 of the Handbook of Procedures, Volume-1, 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 8 [ under sub-sections (1), (3) and (5) of section 3 ] of the said Customs Tariff Act: 11. Omitted vide Notification No. 28/2019 Customs dated 02-09-2019 before it was read as 9 [ Provided further that no replenishment of the gold or silver shall be available to the exporter where the exporter avails, in respect of exported product - (i) Cenvat credit on inputs under the Central Excise Act, 1944 ; or (ii) input tax credit on inputs or services or both under Chapter V of the Central Goods and Services Tax Act, 2017 ; or (iii) refund of input tax credit or refund of integrated tax under section 54 of the Central Goods and Services Tax Act, 2017 . ] 12. Inserted vide Notification No. 24/2020 - Customs dated 21-05-2020 13. Substituted vide NOTIFICATION NO. 17/2021 - Customs dated 17-02-2021 before it was read as 11.85 % 14. Substituted vide NOTIFICATION NO. 17/2021 - Customs dated 17-02-2021 before it was read as 11.00 % 15. Inserted vide Notification No. 39/2021 - Customs Dated 19-08-2021 16. Substituted vide NOTIFICATION NO. 35/2022-Customs dated 30-06-2022 before it was read as, 13 [ 6.9% ] 17. Inserted vide NOTIFICATION NO. 48/2022-Customs dated 07-09-2022 18. Substituted vide NOTIFICATION NO. 48/2022-Customs dated 07-09-2022 before it was read as, Policy circular No. 77 (RE-2008)/2004-09 dated 31 st March,.2009 19. Substituted vide Notification No. 09/2023-Customs dated 01-02-2023 w.e.f. 02-02-2023 before it was read as, 16 [ 11.85% ] 14 [ 6.1% ] 20. Substituted vide Notification No. 28/2023 Customs, dated 01.04.2023 , before it was read as, 4.46 21. Substituted vide Notification No. 28/2023 Customs, dated 01.04.2023 , before it was read as, 4.41 22. Substituted vide Notification No. 28/2023 Customs, dated 01.04.2023 , before it was read as, 4 [ (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. ] 23. Substituted vide Notification No. 28/2023 Customs, dated 01.04.2023 , before it was read as, 5 [ (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. ] 24. Substituted vide Notification No. 28/2023 Customs, dated 01.04.2023 , before it was read as, 6 [ (c) Nominated agencies means,- (1) Metals and Minerals Trading Corporation Limited (MMTC); (2) Handicraft and Handloom Export Corporation (HHEC); (3) State Trading Corporation (STC); (4) Project and Equipment Corporation of India Ltd. (PEC); (5) STCL Ltd; (6) MSTC Ltd; (7) Diamond India Limited (DIL); (8) Four Star Export House from Gems Jewellery sector and Five Star Export House from any sector as may be recognised as nominated agencies by Regional Authority in terms of the Foreign Trade Policy; (9) any bank as authorised by Reserve Bank of India as Nominated Agency. ] 25. Substituted vide Notification No. 33/2024-Customs dated 23-07-2024 w.e.f. 24-07-2024 before it was read as, 19 [ 9.35% ]