This notification exempts gold bar by an authorised bank

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.... Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts standard gold bars falling under Chapter 71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India, by a bank authorized by the Reserve Bank of India (hereinafter referred to as the participating bank) from the whole of the duty....

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....f Customs to the effect that (a) the said gold bars shall be used in connection with the Gold Deposit Scheme, referred to in condition (i), in the manner authorized by the Reserve Bank of India; and (b) the participating bank shall pay, on demand, in the event of its failure to comply with clause (a), an amount equal to the difference between the duty leviable on such quantity of the said go....