|
Effective rate of duty on silver imported by a passenger of Indian origin
or a passenger holding a valid passport issued under the Passport Act, 1967 (15
of 1967) as baggageNotification No. 172 dated 30th September 1994
Notification
No. 172 dated 30th September 1994
In
exercise of the powers conferred by sub-section (1) of section 25 of the Customs
Act, 1962 (52 of 1962), and in supersession of the notification of the
Government of India in the Ministry of Finance (Department of Revenue)
No.4/93-Customs, dated the 8th February, 1993, the Central
Government, being satisfied that it is necessary in the public interest so to
do, hereby exempts silver, in any form including ornaments (but excluding
ornaments studded with stones or pearls), when imported into India by an
eligible passenger, from so much of the duty of customs leviable thereon which
is specified in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975),
as is in excess of the amount calculated at the rate of Rs. 500 per kilogram and
the whole of the additional duty leviable thereon under section 3 of the Customs
Tariff Act, 1975 (51 of 1975), subject to the following conditions namely:-
(a)
the duty of the rate specified above shall be paid in convertible foreign
currency;
(b)
the quantity of such silver shall not exceed one hundred kilograms per eligible
passenger; and
(c)
the silver is either carried by the eligible passenger at the time of his
arrival in India or is imported by them within fifteen days of his arrival in
India.
2.
Notwithstanding anything contained in paragraph 1, the exemption under
this notification shall also apply to silver taken delivery of by an eligible
passenger from a customs bonded warehouse of the State Bank of India or the
Minerals and Metals Trading Corporation Limited, subject to the conditions (a)
and (b) of paragraph 1 and subject to further condition that such eligible
passenger files a declaration in the prescribed form before the proper officer
of customs at the time of his arrival in India declaring his intention to take
delivery of the silver from such customs bonded warehouse and pays the duty
leviable thereon before his clearance from customs.
Explanation-
For the purpose of this notification, �eligible passenger� means a
passenger of India origin or a passenger holding a valid passport, issued
under the passports Act, 1967 (15 of 1967), who is coming to India after a
period of not less than six months of stay abroad; and short visits, if any,
made by the eligible passenger during the aforesaid period of six months shall
be ignored if the total duration of stay on such visits does not exceed thirty
days and such passenger has not availed of the exemption under this
notification at any time of such short visits.
3.
This notification shall come into force on the 1st day of
November 1994.
|