Gold imported under the scheme for export of gold jewellery and articles - 182/92 - Customs -Tariff

Gold imported under the scheme for export of gold jewellery and articles Notification No. 182/92-Cus. Dated 6-5-1992 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 gold, not exceeding 0.995 purity and falling under heading No. 71.08 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India, under the Scheme for export of gold jewellery and articles notified by the Government of India in the Ministry of Commerce, Public Notice No. 257-ITC(PN)/90-93, dated the 11th December, 1991, from the whole of the duty of customs leviable thereon which is specified in the said First Schedule, subject to the conditions that - (i) the importer is covered by a general or specific permit issued by the Reserve Bank of India; (ii) in the case of the said Scheme of export of gold jewellery and articles, 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 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.