Exemption to gold imported under the scheme for export of gold jewellery and articles - Amendment - 188/94 - Customs -Tariff

Exemption to gold imported under the scheme for export of gold jewellery and articles - Amendment Notification No. 188/94-Cus. Dated 21-11-1994 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 makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 182/92-Cus., dated the 6th May, 1992, namely :- In the said notification, - (a) in the opening paragraph, for the portion beginning with the words "under the Scheme for export of gold jewellery and articles" and ending with the words and figures "dated the 11th December, 1991", the following shall be substituted, namely :- "under the Scheme F or Scheme G as specified in paragraph 88 of the Export and Import Policy, 1 April, 1992 - 31 March, 1997, notified by the Government of India in the Ministry of Commerce, Public Notice No. 1-ITC(PN)/92-97, dated the 31st March, 1992, and gold findings, mountings or solders upto 0.920 fineness and falling under Chapter 71 of the said First Schedule to the said Customs Tariff Act, when imported into India, under the Scheme F specified in paragraph 88 of the said Policy,"; (b) for clause (ii), the following clause shall be substituted, namely :- "(ii) in the case of the said Schemes, the importer executes a bond in such form and for such sum as may be specified by the Assistant Collector of Customs, undertaking himself to export gold jewellery or articles, having gold content equivalent to the imported gold including gold findings, mountings or solders within the period stipulated, or such extended period as the Assistant Collector of Customs on sufficient cause being shown may allow, and binding himself to pay on demand duty on a quantity of gold representing the difference between the quantity imported and that contained in the exported jewellery or articles.".