Silver [Heading No. 71.06] - 030/87 - Customs -Tariff

Silver [Heading No. 71.06] Notification No. 30/87-Cus. Dated 28-1-1987 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 satisifed that it is necessary in the public interest so to do, hereby exempts silver falling under Heading No. 71.06 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India under the Scheme for export of silver jewellery and articles against silver supplied by the foreign buyer notified by the Government of India, in the Ministry of Commerce, in the Public Notice No. 135-ITC(PN)/85-88, dated 8th December, 1986, 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 silver jewellery and articles against 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 silver jewellery or articles, including studded articles having silver content equivalent to the imported silver within the period stipulated in the relevant contract between the importer and the foreign supplier of silver, 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 silver representing the difference between the quantity imported and that contained in the exported jewellery or articles.