Import of Silver, Gold and Platinum - Omitted Proviso Amended?
AS per Notification No. 57/2000-Cus dated 08.05.2000, silver, gold and platinum, when imported into India are exempted,-
(a) as replenishment under the Scheme for 'Export through Exhibitions/Export promotion Tours/Export of Branded Jewellery', or
(b) under the Scheme for 'Export Against Supply by Nominated Agencies'
This notification had three provisos. The second proviso was omitted by Notification No. 33/2015-Cus dated 15.05.2015. Now the Government has substituted the second proviso. It is not clear whether the omitted proviso is amended or the third proviso which is now the second proviso is amended. Anyway, the Government seems to be unaware of this Notification No. 33/2015-Cus. The substituted proviso reads as:
"Provided further that in the case of import of gold / silver / platinum under the scheme for 'Export Against Supply by Nominated Agencies', the importer executes a bond in such form and for such sum as may be specified by the Assistant Commissioner of Customs or Deputy Commissioner of Customs, undertaking to export, either by itself or through other exporters, gold / silver / platinum jewellery or articles, as the case may be, including studded articles having gold / silver / platinum content equivalent to the imported gold / silver / platinum within a period of ninety days from the date of issue of gold / silver / platinum to the exporters, and binding himself to pay on demand duty on quantity of gold / silver / platinum representing the difference between the quantity issued and that contained in the exported jewellery or articles.".
The omitted proviso also was almost same.
Notification No. , Dated: October 03 2016