In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of
1962), the Central Government, being satisfied that it is necessary in the public interest so to do,
hereby exempts goods of the description specified in column (2) of the Table hereto annexed and
falling within Chapter 71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when
imported into India, from so much of the duty of customs leviable thereon which is specified in the
said First Schedule as is in excess of the amount calculated at the rate specified in the
corresponding entry in column (3) of the said Table and from the whole of the additional duty
leviable thereon under section 3 of the said Customs Tariff Act, subject to the condition that the
said goods are covered by a Special Import Licence issued in terms of the Export and Import Policy
1st April 1992 - 31st March 1997 of the Government of India in the Ministry of Commerce :
TABLE
S.No.
Description
Rate
(1)
(2)
(3)
1.
Gold in any form including liquid gold
Rs. 250 per 10 grams
2.
Silver
Rs. 500 per kilogram
Explanation - For the purpose of this notification, the expressions 'Gold' in any form
including liquid gold and silver in any form include medallions, coins and jewellery made of gold or
silver, as the case may be (except the foreign currency coins and jewellery studded with stones or
pearls).