Notification No. 60/2002, Dated 7th June 2002

7^th June, 2002.

Notification No. 60/2002-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.35/2001-Cus, dated 30-3-2001 [G.S.R. 231(E), dated the 30^th March, 2001], the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts raw pearls, natural or cultured, and precious or semi-precious stones( other than rough diamonds), unset and uncut, falling under Chapter 71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India, from the whole of the duty of Customs leviable thereon under the said First Schedule and the additional duty, if any, leviable thereon under section 3 of the said Customs Tariff Act, subject to the condition that imports are made under a,-

(i) Replenishment Licence issued under, and in accordance with, paragraph 4.4.1 of the Export and Import Policy; or

(ii) Gem Replenishment Licence issued under, and in accordance with, paragraph 4.4.13 of the Export and Import Policy;

Explanation.- For the purpose of this notification, "Export and Import Policy" means the Export and Import Policy, 2002-07 [1^st April, 2002-31^st March, 2007] published by the Government of India in the Ministry of Commerce and Industry vide notification No. 1/2002-07, dated the 31^st March, 2002, as amended from time to time.

D.S. Garbyal
Under Secretary to the Government of India)

F. No. 305/22/2002-FTT