Customs exemption for silver allows duty-free import for the export-against-silver scheme subject to permit and bond. Exemption applies to silver under Heading No. 71.06 imported under the notified Scheme for export of silver jewellery and articles against silver supplied by the foreign buyer, relieving such imports from the Customs duty in the First Schedule, subject to the importer holding a general or specific Reserve Bank permit and executing a bond (in form and sum specified by the Assistant Collector of Customs) to export jewellery or articles with silver content equivalent to the imported silver within the contractual or permitted extended period and to pay duty on any shortfall.
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.
Customs exemption for silver allows duty-free import for the export-against-silver scheme subject to permit and bond.
Exemption applies to silver under Heading No. 71.06 imported under the notified Scheme for export of silver jewellery and articles against silver supplied by the foreign buyer, relieving such imports from the Customs duty in the First Schedule, subject to the importer holding a general or specific Reserve Bank permit and executing a bond (in form and sum specified by the Assistant Collector of Customs) to export jewellery or articles with silver content equivalent to the imported silver within the contractual or permitted extended period and to pay duty on any shortfall.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
