Gold - Import as baggage [Chapter 98] - 117/92 - Customs -Tariff

Gold - Import as baggage [Chapter 98] Notification No. 117/92-Cus. Dated 1-3-1992 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 exempts gold, in any form including ornaments (but excluding ornaments studded with stones or pearls), falling under Heading No. 98.03 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India by a passenger of Indian origin or a passenger holding a valid passport issued under the Passports Act, 1967 (15 of 1967), as baggage, from so much of the duty of customs leviable thereon which is specified in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), as is in excess of the amount calculated at the rate of Rs. 450 per ten grams: Provided that, - (i) such passenger is coming to India after a period of not less than six months of stay abroad; and (ii) the duty at the rate specified above shall be paid in convertible foreign currency : Provided further that the exemption contained in this notification shall apply only to a quantity of such gold not exceeding five kilograms per passenger.