The Ministry of Finance, through its Department of Revenue, has issued Notification No. 14/2024 -Customs on March 12th, 2024. This notification holds significance for import regulations, specifically concerning gold imports by the Reserve Bank of India (RBI).
Notification No. 14/2024, issued under the powers conferred by the Customs Act, 1962, and the Customs Tariff Act, 1975, grants an exemption to gold falling under Customs Tariff Heading 7108 when imported by the Reserve Bank of India. This exemption applies to the duty of customs leviable on such imports as specified in the First Schedule to the Customs Tariff Act, 1975. Additionally, the exemption encompasses the Agriculture Infrastructure and Development Cess, as outlined in Section 124 of the Finance Act, 2021.
MINISTRY OF FINANCE
(Department of Revenue)
Notification No. 14/2024 -Customs | Date: 12th March, 2024
G.S.R. 180(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts gold falling under Customs Tariff Heading 7108 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India by Reserve Bank of India , from the whole of the duty of customs leviable thereon as specified in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and from the whole of Agriculture Infrastructure and Development Cess, leaviable under Section 124 of the Finance Act, 2021 (13 of 2021).
[F. No. CBIC-190354/79/2023-TO(TRU-I)]
VIKRAM VIJAY WANERE, Under Secy.
