Goods Imported by Gem and Jewellery Units - Amends Six Notifications - 155/92 - Customs -Tariff

Goods Imported by Gem and Jewellery Units - Amends Six Notifications Notification No. 155/92-Cus. Dated 30-3-1992 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 directs that each of the notifications of the Government of India in the Ministry of Finance (Department of Revenue), specified in column (2) of the Table hereto annexed, shall be amended or further amended, as the case may be, in the manner specified in the corresponding entry in column (3) of the said Table. TABLE S. No. Notification No. and date Amendment (1) (2) (3) 1. (i) 196-Customs/87 dated the 5th May, 1987 (ii) 256-Customs/ 87 dated the 2nd July, 1987 (iii) 258-Customs/ 87 dated the 2nd July, 1987 (iv) 260-Customs/ 87 dated the 2nd July, 1987 (v) 262-Customs/ 87 dated the 2nd July, 1987 For the condition (xii), the following shall be substituted, namely :- "(xii) the Assistant Collector of Customs may allow, subject to fulfilment of such conditions as he may specify, the loss of percentage of gold specified in column (2) of the Table given below during the manufacture of jewellery of the description specified in the corresponding entry in column (1) of the said Table. TABLE Description of jewellery Percentage of gold wastages (1)     (2)   A. Plain gold jewellery articles unstudded with minimum value add-ition of 15% or more (on gold content plus wastage) 2% of gold content in jewellery by weight B. Studded gold jewellery and articles with value addition (on gold content plus wastage) as follows :- (i) value addition upto 25% upto 3% (ii) value addition above 25% and upto 40% upto 5% (iii) value addition above 40% and upto 50% upto 7% (iv) value addition over 50% upto 10% C. Mountings and findings 3% of gold content by weight" 2. 3-Customs/88 dated the 14th January, 1988 For the condition (xiv), the following shall be substituted, namely :- "(xiv) the Assistant Collector of Customs may allow, subject to fulfilment of such conditions as he may specify, the loss of percentage of gold specified, in column (2) of the Table given below during the manufacture of jewellery of description specified in the corresponding entry in column (1) of the said Table. TABLE Description of jewellery Percentage of gold wastages (1) (2) A. Plain gold jewellery articles unstudded with minimum value add-ition of 15% or more (on gold content plus wastage) 2% of gold content in jewellery by weight B. Studded gold jewellery and articles with value addition (on gold content plus wastage) as follows :- (i) value addition upto 25% upto 3% (ii) value addition above 25% and upto 40% upto 5% (iii) value addition above 40% and upto 50% upto 7% (iv) value addition over 50% upto 10% C. Mountings and findings 3% of gold content by weight"