Notification No. 56/2000-Cus Dated 05-05-2000

Exemption on specific conditions gold/silver/platinum (including jewellery) when imported by nominated agencies, status holders, or exporters of standing under the Scheme of Export against supply by foreign buyer.-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. 144/93-Cus, dated 28th June, 1993 [G.S.R. 480 (E) dated the 28th June, 1993] in so far as it relates to import of silver or gold under the Scheme for export of Gold/Silver jewellery and articles against Gold and Silver supplied by the foreign buyer 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 gold/silver/platinum, alloys, findings and mountings of gold/silver/platinum and plain semi-finished gold/silver/platinum jewellery (hereinafter referred to as 'the said goods') falling within Chapter 71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975),when imported into India by nominated agencies, status holders, or exporters of three years� standing having an annual average turnover of five crore rupees during the preceding three licensing years under the scheme for 'Export Against Supply by Foreign buyer' as referred to in 1[Paragraph 4A.8] Old[paragraph 4.4.8] of the Foreign Trade Policy, 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:

(Word and figures "paragraph 8.19" replaced by �paragraph 4.4.8' vide CUS NTF NO.64/2002 DATE 24/06/2002)

(Bold letters in above para has been substituted vide Cus Ntf.No.56/2001 dt.18/05/2001)


Provided that in the case of import by the nominated agencies, the importer or his authorised representative executes a bond in such form or for such sum as may be specified by the Assistant Commissioner of Customs or Deputy Commissioner of Customs, undertaking himself to export gold/silver/platinum jewellery or articles, as the case may be, including studded articles having gold/silver/platinum content equivalent to the imported gold/silver/platinum within the period stipulated in the relevant contract between the importer and the foreign supplier of the said goods, as the case may be, or such extended period as the Assistant Commissioner of Customs or Deputy Commissioner of Customs may, on sufficient cause being shown, allow, and binding himself to pay on demand duty on quantity of gold/silver/platinum representing the difference between the quantity imported and that contained in the exported jewellery or articles:

Provided further that in the case of import by status holders or exporters of three years� standing having an annual average turnover of five crore rupees during the preceding three licensing years, the importer executes a bond in such form and for such sum as may be specified by the Assistant Commissioner of Customs or Deputy Commissioner of Customs, and furnishes a bank guarantee for a sum equivalent to one and half times of the Customs duty leviable on the said goods imported, undertaking himself to export gold/silver/platinum jewellery or articles, as the case may be, including studded articles having gold/silver/platinum content equivalent to the imported gold/silver/platinum within 120 days from the date of import and to fulfil the conditions of Foreign Trade Policy and the Handbook of Procedures, Volume-I and to achieve the Export Obligation and Value Addition as stipqlated in the Foreign Trade Policy and Handbook of Procedures, Volume-1 and binding himself to pay on demand duty on the said goods along with interest at the rate of 20% per annum on the said' duty from the date of duty free importation till the date of payment of duty in case of non-fulfilment of Value Addition or Export Obligation as stipulated in the Foreign Trade Policy or Handbook of Procedures, Volume-1 or in case of failure to complete the export within said period of 120 days.
(Bold letters in second proviso has been substituted vide Cus Ntf.No.56/2001 dt.18/05/2001)


Explanation. - for the purpose of this notification, -

2[(a) �Foreign Trade Policy� means Foreign Trade Policy, 2009 - 2014 notified by the Government of India in the Ministry of Commerce and Industry published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub section (ii) vide notification No. 1/2009-2014, dated the 27th August, 2009, as amended from time to time.]

Old[(a) �Foreign Trade Policy� means the Foreign Trade Policy, 1st September, 2004- 31st March, 2009� published by the Government of India in the Ministry of Commerce and Industry vide notification No. 1/2004-09, dated the 31st August, 2004, as amended from time to time;]

2[(b) �Handbook of Procedures (Volume-I)� means Handbook of Procedures (Volume-I) notified by the Government of India in the Ministry of Commerce and Industry published in the Gazette of India, Extraordinary, Part-I, Section-1 vide Public Notice No. 1/2009-2014, dated the 27th August, 2009, as amended from time to time.]

Old[ (b) "Handbook of Procedures Volume I" means the Handbook of Procedures Volume I, published by the Government of India in the Ministry of Commerce and Industry vide Public Notice No. 1/2004-09, dated the 31st August, 2004, as amended from time to time.]


(Clause (a) and bold letter in clause (b) has been substituted by Notification No. 87/2004-Cus dt 6-9-2004.)

(In Explanation clauses (a) and (b) have been substituted vide CUS NTF NO.64/2002 DATE 24/06/2002)

(c) "Nominated Agencies" means the Metals and Minerals Trading Corporation Limited (MMTC), the Handicraft and Handloom Export Corporation (HBEC), the State Trading Corporation (STC), the Project and Equipment Corporation of India Ltd. (PEC) and any agency authorised by the Reserve Bank of India (RBI);

1[(d) �Status holder� means the importer recognized as Export House (EH), Star Export House (SEH), Trading House (TH), Star Trading House (STH) and Premier Trading House (PTH) in terms of
2[paragraph 3.10.2 of Foreign Trade Policy] Old[Paragraph 3.5.2 of the Foreign Trade Policy.]]

Old[(d) �status holder� means the exporter recognized as one star export house, two star export house, three star export house, four star export house and five star export house by the Director General of Foreign Trade.]
(Clause (d) has been substituted by Notification No. 87/2004-Cus dt 6-9-2004.)


1. Substituted vide Notification No. 84/2007-Cus Dated 6/7/2007

2. Substituted vide Notification No. 106/2009-Cus Dated 14/9/2009

as amended by [Notification Nos. 56/2001-Cus dt 18-5-2001, 64/2002-Cus dt 24-6-2002, 87/2004-Cus dt 6-9-2004 , 84/2007-Cus dt. 6/7/2007 and 106/2009-Cus dt. 14/9/2009.]