This notification exempts gold and silver imported by the specified Agencies

Gold and silver – imported by MMTC, HHEC, STC, etc.

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)

dated: 21-10-1997 

Notification No. 80/97-Customs

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 goods of the description specified in column (2) of the Table hereto annexed and falling within Chapter 71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India by the Minerals and Metals Trading Corporation of India Limited, the Handicraft and Handloom Export Corporation, the State Trading Corporation, the PEC Limited or any other agency authorised by the Reserve Bank of India, for sale in the domestic market, from so much of the duty of customs leviable thereon which is specified in the said First Schedule as is in excess of the amount calculated at the rate specified in the corresponding entry in column (3) of the said Table and from the whole of the additional duty of customs leviable thereon under section 3 of the said Customs Tariff Act.

Table

Explanation. – For the purposes of this notification, the expressions “Gold in any form including liquid gold” and “Silver in any form” shall include medallions and coins, but shall not include jewellery made of gold or silver and foreign currency coins.

Notification No. 80/97-Cus., dated 21-10-1997 as amended by Notifications No. 4/98-Cus., dated 24-2-1998;  No. 28/98-Cus., dated 2-6-1998  No. 2/99-Cus., dated 4-1-1999. and No. 20/2001-Cus, dated 01-03-2001.