Gold & Silver Import under SIL - Concessional Duty - No need to have EEFC Account- Condition of Payment in FOREX Omitted - 22/1997 - Foreign Trade Policy

Gold Silver Import under SIL - Concessional Duty - No need to have EEFC Account- Condition of Payment in FOREX Omitted Notification No. 22/1997 Dated 04/11/1997 S.O. (E) - In exercise of the powers conferred by section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (No.22 of 1992) read with Paragraph 1.3 of Export and Import Policy, 1997-2002, the Central Government hereby makes the following amendments in the Export and Import Policy, 1997-2002, published on 31st March, 1997 and as amended from time to time. Paragraph 11.13 of the Export and Import Policy, 1997-2002 shall be amended to read as under:- "11.13 The Special Import Licences shall be freely transferable and shall be valid for import of items as given in the book titled "ITC(HS) Classifications of Export and Import Items". The Imports under Special Import Licence shall be subject to normal customs duties. Import of gold and silver, however, will be allowed at such concessional rate of customs duty as may be specified by the Deptt. of Revenue." 2. This issues in public interest. Sd/- (S.B. Mohapatra) Director General of Foreign Trade and Ex-Officio Additional Secretary to the Government of India