Exempts copper concentrates falling under the tariff item 2603 00 00 equivalent to the duty of customs leviable on the value of gold and silver contained in such copper concentrate

Notification No.24/2011-Customs, New Delhi, the 1st March, 2011

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts copper concentrates falling under the tariff item 2603 00 00 of the First Schedule to the Customs Tariff Act, 1975(51 of 1975), when imported into India, from so much of the duty of customs as is equivalent to the duty of customs leviable on the value of gold and silver contained in such copper concentrate, subject to the condition that the importer produces to the Assistant Commissioner of Customs or Deputy Commissioner of Customs, as the case may be, an assay certificate from the mining company specifying separately, the value of gold and silver content in such copper concentrate.

Illustration.- If the total value of copper concentrate is Rs 100 and value of gold and silver in that copper concentrate is Rs 40, basic customs duty shall be computed on the value of Rs 60 only. However, the total value of Rs 100 shall be taken into account, for the purposes of levy of additional duties of customs leviable under section 3 of the Customs Tariff Act, 1975.

Related posts:

1. Custom notification providing deeper concession on Petroleum oils and oils obtained from bituminous minerals falling under the tariff item 2709 00 00 of the First Schedule to the Customs Tariff Act, 1975
2. Sterlite evaded duty in copper export waste: Customs
3. Clarification regarding non-applicability of Anti Dumping Duty under Notification No.15/2007-Cus dated 20.02.2007 to Spandex Yarn (Elastomeric Yarn) falling under Tariff Item 5402 44 00
4. Silver – The New Gold
5. Whether the scrap imported by the appellants is chargeable to ‘NIL’ rate of additional customs duty under Section 3 of the Customs Tariff Act 1975