Notification No. 117/1994, Dated 27th April 1994

Special Import Licence - Gold and Silver 

27-4-1994

            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/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 leviable thereon under section 3 of the said Customs Tariff Act, subject to the condition that the said goods are covered by a Special Import Licence issued in terms of the Export and Import Policy 1st April, 1997 - 31st March, 2002, published by the Government of India under Ministry of Commerce Notification No. 1/1997-2002, dated 31st March, 1997, as amended from time to time.

Explanation. - For the purposes of this notification, the expressions "Gold in any form including liquid gold' and "Silver in any form' include medallions, coins and jewellery made of gold or silver, as the case may be (except the foreign currency coins and jewellery studded with stones or pearls).

        Notification No. 117/94-Cus., dated 27-4-1994 as amended by Notifications No. 156/95-Cus., dated 1-11-1995,  No. 33/97-Cus., dated 1-4-1997; No. 79/97-Cus., dated 21-10-1997;  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.