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Notification No. 86/2001, Dated 7th Aug 2001

7th August, 2001.

Notification No. 86 /2001-Customs

            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. 49/97-Customs, dated 23-5-97 [GSR 272(E), dated 23-5-97], except as respects things done or omitted to be done before such supersession, the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts –

(i)gold of fineness not less than 0.995,
(ii)platinum of fineness not less than 0.900,
(iii)silver of fineness not less than 0.999,
(iv)gold findings, gold mountings or gold solders upto 0.920 fineness, upto 10% of the value of the licence within the overall value of the licence,
(v)platinum findings, platinum mountings or platinum solders upto 0.920 fineness, upto 10% of the value of the licence within the overall value of the licence,
(vi)silver findings, silver mountings or silver solders upto 0.925 fineness upto 10% of the value of the licence within the overall value of the licence,

falling within Chapter 71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India under a Replenishment Licence issued against export of plain or studded gold jewellery or articles thereof, platinum jewellery or articles thereof or silver jewellery or articles thereof, in terms of paragraph 8.37 of the Export and Import Policy read with paragraphs 8.82 and 8.84 of the Handbook of Procedures, from the whole of the duty of customs leviable thereon, which is specified in the said First Schedule and from the whole of the additional duty leviable thereon under section 3 of the said Customs Tariff Act.

Explanation.- For the purpose of this notification.-

(a)"Export and Import Policy" means the Export and Import Policy, 1997-2002, notified by Government of India in the Ministry of Commerce and Industry vide notification No.1 (RE-00)/1997-2002, dated the 31st March, 2001, as amended from time to time;
(b)"Handbook of Procedures" means the Handbook of Procedures, Vol-I, published vide Public Notice of the Government of India in the Ministry of Commerce and Industry, No.1(RE-2001)/1997-2002, dated the 31st March, 2001, as amended from time to time.

Rajendra Singh
Under Secretary to the Government of India

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