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

7^th 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 31^st 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 31^st March, 2001, as amended from time to time.

Rajendra Singh
Under Secretary to the Government of India

Frequently Asked Questions

What are Indian custom notifications, and why are they important?

Indian customs notifications are official announcements issued by the Central Board of Indirect Taxes and Customs (CBIC) to communicate updates in customs laws, duty rates, procedural changes, exemptions, and policy revisions.

They are important for importers, exporters, and logistics professionals to stay compliant with current regulations and avoid penalties or clearance delays.

How can Indian custom notifications impact my business?

Custom notifications can affect business operations by changing duty structures, documentation requirements, valuation norms, or trade facilitation guidelines.

Staying updated helps companies adjust their pricing, planning, and compliance practices. Ignoring these notifications may result in fines, incorrect duty payments, or disrupted customs clearance.

How often are Indian customs notifications released?

Indian custom notifications are released as and when regulatory changes, budget announcements, or policy amendments occur.

Notifications may be issued periodically or in response to urgent requirements, including tariff updates, procedure modifications, or global trade developments affecting import-export compliance.

Where can I find the latest Indian customs notifications?

The most authoritative source for the latest Indian customs notifications is the official CBIC website.

Additionally, Seair Exim Solutions curates these notifications and provides summaries and explanations within its trade intelligence platform to help users quickly understand key changes relevant to their business.

How should businesses respond to new Indian customs notifications?

When new custom notifications are released, businesses should assess the impact on duty rates, compliance requirements, and documentation processes.

Consulting with tax professionals or using trade intelligence tools as we do ensures accurate interpretation and timely implementation of changes in customs procedures.