CUS CIR NO. 95/2002 DATE 23/12/2002
- Document type
- Circular
- Reference no.
- H
- Dated
Assessment of Duty of Gold/Silver in SEZ
Assessment of Duty of Gold/Silver in SEZ -Clarification Reg.
2. The matter has been examined by the Board. The notifications ( No. 177/94-Cus dated 21-10-94 and 277/90-Cus dated 12-12-90) governing duty free import of goods by Gem & Jewellery units under EOU/EPZ Schemes provide that the duty of customs leviable on gold and silver shall be limited to the duty specified under notification No.80/97-Cus., dated 21.10.97 i.e. Rs.250 per ten grams of gold and Rs.500 per kg of silver. However, in the notification relating to SEZ, there is no such stipulation. Considering that under the EOU/EPZ Schemes the units are allowed the facility of assessment of gold and silver at the effective rate of duty, it has been decided that the gem and jewellery manufacturing units in SEZ operating under notification No. 137/2000-Cus dated 19-10-2000 shall also be allowed assessment of gold/silver at the effective rate of duty as specified in notification No 80/97-Cus dated 21-10-97, instead of assessment at tariff rate of duty. The value of bonds may be calculated accordingly. However, in case of clandestine removal, evasion of duty by collusion or any willful mis-statement or suppression of facts, the fine and penalty may be imposed adequately so as to make it equivalent to duty at the tariff rate.
3. Wide publicity may be given by issue of a Public Notice in this regard.
4. Difficulties, if any, faced in the implementation of above instructions, may be brought to the notice of the Board at an early date.
Kindly acknowledge receipt of this Circular.
Yours faithfully
(D.S.GARBYAL)
Under Secretary to the Government of India