Silver and gold falling under Heading Nos. 71.06 & 71.08 imported for export under specified Schemes - 144/93 - Customs -Tariff

Silver and gold falling under Heading Nos. 71.06 71.08 imported for export under specified Schemes Notification No. 144/93-Cus. Dated 28-6-1993 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 silver and gold falling under heading No. 71.06 and 71.08 respectively of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India, under the- (a) Scheme for export of Gold/Silver jewellery and articles against Gold/Silver supplied by the foreign buyer, or (b) Scheme for export of Gold/Silver jewellery and articles for sale at approved exhibitions, or (c) Gold/Silver and Platinum jewellery ahd articles Export Promotion and Replenishment Scheme, specified in paragraph 88 of the Export and Import Policy, 1st April, 1992 - 31st March, 1997, read with Chapter VIII of the Handbook of Procedures, Volume I, 1 st April, 1992 - 31st March, 1997, of the Government of India in the Ministry of Commerce 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 under section 3 of the said Customs Tariff Act: Provided that in the case of imports under the "Scheme for export of gold/silver jewellery and articles against gold/silver supplied by the foreign buyer", the importer or his authorised representative 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/silver jewellery or articles, as the case may be, including studded articles having gold/silver content equivalent to the imported gold/silver within the period stipulated in the relevant contract between the importer and the foreign supplier of gold/silver, as the case may be, 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 quantity of gold/silver representing the difference between the quantity imported and that contained in the exported jewellery or articles.