Sunday, March 13, 2011

Customs- Notification No. 24/2011 Dated 1 March, 2011

Notification No. 24/2011- Customs
 New Delhi, the 1 st March, 2011

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary  in the public interest so to do, hereby exempts copper concentrates falling under the tariff item  2603 00 00 of the First Schedule to the Customs Tariff Act, 1975(51 of 1975), when imported  into India, from so much of the duty of customs as is equivalent to the duty of customs leviable  on the value of gold and silver contained in such copper concentrate, subject to the condition  that the importer produces to the Assistant Commissioner of Customs or Deputy Commissioner  of Customs, as the case may be, an assay certificate from the mining company specifying  separately, the value of gold and silver content in such copper concentrate. 

Illustration.- If the total value of copper concentrate is ` 100 and value of gold and silver  in that copper concentrate is ` 40, basic customs duty shall be computed on the value of ` 60  only. However, the total value of ` 100 shall be taken into account, for the purposes of levy of  additional duties of customs leviable under section 3 of the Customs Tariff Act, 1975

[F.NO. 334/3/2011-TRU]
(Sanjeev Kumar Singh)          
Under Secretary to the Government of India

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