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AI Drafter ✕

Generate professional replies to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.

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Step 2 – Draft Generation

Once you approve the issues, the AI performs issue-wise legal research and prepares a structured draft response.

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• Judicial precedents and Supreme Court, High Court and other citations
• Issue-wise legal analysis
• Practical arguments and supporting content
• Professionally structured draft ready for further review.

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        Case ID :
        Income Tax

        Import of Gold.

        March 30, 2012

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        Press Information Bureau
        Government of India
        Ministry of Finance

        30-March-2012 18:26 IST

        Import of Gold

        The details of import of gold during the last two years is as under:-

         

        Financial year

        Import of gold (in Kg.)

        Value (in crore)

        2009-10

        850985

        135877.91

        2010-11

        969731

        184728.74

            

        Import of gold, except for monetary purpose, is free under Exim Code 7108 of ITC (HS) Classifications for imports.  However, it is subject to Reserve Bank of India regulations.  There is no proposal to change this policy at present.

        This information was given by the Minister of State for Finance, Shri   Namo Narain     Meena in written reply to a question in Lok  Sabha today.

         

         

        *****

        SS/Hb

        Import of gold free for non monetary purposes remains subject to Reserve Bank regulations; policy unchanged. Import of gold is permitted free for non monetary purposes under the Exim Code classification, but remains subject to Reserve Bank of India regulations; there is no proposal to change this policy. Imports reported for the two most recent financial years are presented as aggregate quantities and values, and operational compliance requires following the Exim classification and applicable RBI controls.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Import of gold free for non monetary purposes remains subject to Reserve Bank regulations; policy unchanged.

                                Import of gold is permitted free for non monetary purposes under the Exim Code classification, but remains subject to Reserve Bank of India regulations; there is no proposal to change this policy. Imports reported for the two most recent financial years are presented as aggregate quantities and values, and operational compliance requires following the Exim classification and applicable RBI controls.


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