Gold and silver - imported by MMTC, HHEC, STC, etc.
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 by the Minerals and Metals Trading Corporation of India Limited, the Handicraft
and Handloom Export Corporation, the State Trading Corporation, the PEC Limited or any other agency
authorised by the Reserve Bank of India, for sale in the domestic market, 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 of customs leviable thereon under section 3 of the said
Customs Tariff Act.
TABLE
S.No.
Description of goods
Rate
(1)
(2)
(3)
1.
Gold in any form including liquid gold
Rs. 250 per 10 grams
2.
Silver in any form
Rs. 500 per kg
Explanation :- For the purposes of this notification, the expressions 'Gold in any form including
liquid gold' and 'Silver in any form' shall include include medallions and coins, but shall not
include jewellery made of gold or silver and foreign currency coins.