Notification No. 25/2001-Cus Dated 01-03-2001

Exemption on gold and silver produced out of copper anode slime when re-imported after the process of toll smelting or toll processing done thereon.- 

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), read with sub-section (6) of section 3 and sub-section (1) of section 3A of the Customs Tariff Act, 1975 ( 51 of 1975), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 138/99-Customs, dated the 30th December, 1999 published in the Gazette of India vide number G. S. R. 836 (E), dated the 30th December, 1999, except as respects things done or omitted to be done before such superesssion, the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts gold and silver falling under Chapter 71 of the First Schedule to the said Customs Tarrif Act, and produced out of copper anode slime, the said copper anode slime having been exported out of India for toll smelting or toll processing, when imported into India,-

  1. from so much of duty of customs leviable thereon which is specified in the said First Schedule,
  2. from so much of additional duty leviable thereon under sub-section (1) of section 3 of the said Customs Tariff Act, and
  3. from so much of special additional duty leviable thereon under sub-section (1) of section 3A of the said Customs Tariff Act,
as is in excess of the duties which would be leviable if the value of the said goods were equal to the aggregate of ­
  1. the toll smelting or toll processing costs, as the case may be, that is to say, -
    1. labour charges,
    2. cost of material (other than the cost of the goods exported out of India) used in such toll smelting or toll processing, and
    3. any other charges which are payable in connection with the toll smelting or toll processing abroad ; and
  2. the insurance and freight charges both ways,
subject to the following conditions, namely :-
  1. the gold or silver, as the case may be, is imported within one year of the date of export of copper anode slime out of India; and
  2. sufficient evidence is shown that the gold or silver, as the case may be, which is imported has in fact been obtained out of toll smelting or toll processing of the copper anode slime exported out of India.

as corrected by corrigendum F.No. 334/1/2001-TRU, dt 1-3-2001.

1[2. Nothing contained in this notification shall have effect after the 31st March, 2026.]

1. Inserted vide:- Notification No. 38/2024-Customs Dated 23/07/2024 [w.e.f 24.07.2024]