Imports by gem & jewellery units - Amendment to Notification No. 262/87-Cus. [G.E. No. 139] - 150/91 - Customs -Tariff

Imports by gem jewellery units - Amendment to Notification No. 262/87-Cus. [G.E. No. 139] Notification No. 150/91-Cus. Dated 8-11-1991 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 further amendments in the notification of the Government of India in the Ministry of Finance, Department of Revenue No. 262-Customs/87, dated the 2nd July, 1987, namely - In the said notification, - (a) in paragraph 1, for the words "when imported into India by or on behalf of the gem and jewellery units" the words "when imported into India by the gem and jewellery units" shall be substituted. (b) after condition (xiv), the following paragraph 2 shall be inserted, namely :- "2. Notwithstanding anything contained in paragraph 1 of this notification, the exemption contained therein shall also apply to gold falling under Heading No. 71.08 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) imported by the Minerals and Metals Trading Corporation of India Limited and the State Bank of India for being supplied to the gem and jewellery units in the said zone under the scheme for export of gold and silver jewellery and articles from the Export Processing Zone and hundred per cent export oriented undertakings in the Special Export Oriented Complex as specified in paras 324 and 325 of Volume I of the Import and Export Policy, April, 1990 - March, 1993 of the Government of India in the Ministry of Commerce. Provided that where gold is imported on behalf of a jewellery unit the exemption shall apply only if - (a) the procedures as may be specified by the Collector of Customs are followed by such a jewellery unit; and (b) the conditions stipulated in para 1 of the notification are complied with by such a jewellery unit".