Gold and silver imported by MMTC, HHEC, STC, etc. - 80/97 - Customs -Tariff

Superseded vide Notification No. 62/2004 Customs, Dated 12/05/2004 Gold and silver imported by MMTC, HHEC, STC, etc. Notification No. 80/97-Cus. Dated 21-10-1997 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 by the Minerals and Metals Trading Corporation of India Limited, the Handicraft and Handloom Export Corporation, the State Trading Corporation or any other agency authorised by the Reserve Bank of India, for sale in the domestic market, from so much of the duty of costoms 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 of customs leviable thereon under section 3 of the said Customs Tariff Act. TABLE S. No. Description of goods Rate (1) (2) (3) 1. Gold in any form including liquid gold Rs. 220/- per 10 grams. 2. Silver in any form Rs. 500/- per kg. Explanation . - For the purposes of this notification, the expressions `Gold in any form including liquid gold' and `Silver in any form' shall include medallions and coins, but shall not include jewellery made of gold or silver and foreign currency coins.