CUS NTF NO. 171/1994 DATE 30/09/1994
- Document type
- Notification
- Reference no.
- A
- Dated
- Category
- Tariff
Gold imported by passengers
CUS NTF NO. 171/1994 DATE 30/09/1994
Gold imported by passengers.
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. 117/92-Customs, dated the 1st March, 1992, the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts gold, in any form including ornaments (but excluding ornaments studded with stones or pearls), when imported into India by an eligible passenger; from so much of the duty of customs leviable thereon which is specified in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), as is in excess of the amount calculated at the rate of Rs.250 per ten grams and the whole of the additional duty leviable thereon under section 3 of the Customs Tariff act, 1975 (51 of 1975), subject to the following conditions, namely :-
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a. the duty at the rate specified above shall be paid in convertible foreign currency;
b. the quantity of such gold shall not exceed ten kilograms per eligible passenger; and
c. the gold is either carried by the eligible passenger at the time of his arrival in India or is imported by him within fifteen days of his arrival in India.
EXPLANATION:- For the purpose of this notification,"eligible passenger" means a passenger of Indian origin or a passenger holding a valid passport, issued under the Passports Act, 1967 (15 of 1967), who is coming to India after a period of not less than six months of stay abroad; and short visits, if any, made by the eligible passenger during the aforesaid period of six months shall be ignored if the total duration of stay on such visits does not exceed thirty days and such passenger has not availed of the exemption under this notification at any time of such short visits.
3. This notification shall come into force on the 1st day of November, 1994.
As amended by Notifications No. 1/97-Cus., dated 1-1-1997; No. 28/98-Cus., dated 2-6-1998 , No. 2/99-Cus., dated 4-1-1999.and No. 20/2001-Cus, dated 01-03-2001.