Notification No. 60/2002-Cus -Exemption on raw pearls, natural or cultured, and precious or semi-precious stones( other than rough diamonds), unset and uncut.

Notification No. 60/2002-Cus Dated 07-06-2002

Exemption on raw pearls, natural or cultured, and precious or semi-precious stones( other than rough diamonds), unset and uncut.-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 Foreign Trade Policy; or

¹[(ii) Gem Replenishment Authorization issued under, and in accordance with, paragraph 4A.12 of the Foreign Trade Policy]

^Old[(ii) Gem Replenishment Licence issued under, and in accordance with, paragraph 4.4.13 of the Foreign Trade Policy;]

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

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

as amended by [Notification No. 87/2004-Cus dt 6-9-2004 and 106/2009-Cus dt. 14/9/2009.]