| Customs
Bonded Warehouses |
1. |
Since
physical carriage of gold involved security
hazards, particularly for passengers arriving
by flights landing at odd hours during nights,
it was thought fit to introduce Customs Bonded
Warehouses. |
| 2. |
This
facility would be operated by SBI and MMTC in
Delhi, Mumbai and Thiruvanthapuram and
specified delivery centres. |
| 3. |
Passengers
availing of this facility would have the
option to make the payment of the gold/silver
in foreign exchange either abroad or in India. |
| 4. |
In
cases where passengers had made the payment
abroad and were found ineligible for import on
their arrival in India, appropriate provision
for refund would be provided under the scheme. |
| 5. |
Passengers
intending to avail of the facility of delivery
of gold or silver through such warehouses
would be required to make a declaration to
this effect before the customs authorities at
the time of their arrival in the country at
the respective airports-Sahar, IGI Delhi, and
Trivandrum. |
| 6. |
The
eligibility of the passengers would be decided
by the customs authorities at the time of
customs clearance of the passengers and such
passengers would deposit the duty at the
airport itself. |
| 7. |
The
delivery of gold and silver shall be given
from the warehouses of SBI and MMTC in the
same city where the passenger disembarked. |
| |
| Gold
Jewellery |
1. |
A
passenger who has been residing abroad for
over one year and is returning to India may be
allowed, to import free of duty, Jewellery in
his use upto an aggregate value of: |
| |
(a) |
Male
passenger: 10,000/- |
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(b) |
Female
passenger: 20,000/- |
| |
| NRIs |
1. |
General
permission has been granted by RBI that
non-residents can bring into India as part of
their baggage, gold in any form, up to
10,000gms, after staying abroad for a period
of not less than 6 months. |
| 2. |
Import
of gold by concealment in unaccompanied
baggage coupled with no declaration justifies
confiscation. |
| 3. |
When
the passenger has declared the gold, but could
not clear it for want of sufficient
foreign exchange for paying Customs duty, then
re-export of the same may be permitted. |
| |
| Convertible
Foreign Currency |
1. |
In
order to pay duty in convertible foreign
currency, it is necessary that the eligible
passenger has to bring the foreign currency
along with him when he returns to India. |
| 2. |
If
the foreign currency is to be brought to
India, then there must be an endorsement to
that effect in the passport of the concerned
passenger. |
| 3. |
If
there is no endorsement and duty paid in
convertible foreign currency, the said
passenger is duty bound to explain the source
for such currency. |
| |
| Gold
/ Silver Coins |
1. |
The
Reserve Bank has clarified that there would be
no restriction on import of foreign coins
(whether current or non-current) made of gold
or any other metal. |
| 2. |
The
same holds good in respect of commemorative
coins also. |
| 3. |
Eligible
passengers may be allowed to import
gold/silver in any form, including coins
whether current/non-current/commemorative) but
excluding jewellery studded with stones or
pearls. |
| |
| Member
of crew |
1. |
A
member of crew is entitled to import
gold/silver on final pay off on termination of
his engagement. |
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| Authorised
Agency |
1. |
Certain
agencies have been permitted to import
gold/silver into India, for sale in the
domestic market, at the same concessional duty
as in case of baggage.They are: |
| |
the
Minerals and metals Trading Corporation of
India Ltd. |
| |
the
Handicraft and Handloom Export Corporation |
| |
the
State Trading Corporation |
| |
any
other agency authorised by the Reserve Bank of
India |
| |
| Sale |
1. |
Gold/Silver
brought in India by persons of Indian
nationality/origin while coming into India,
has been permitted to be sold to residents
against payment in rupees. |
| |
2. |
This
payment should be made by means of a crossed
cheque. |
|
|
| Sale
of Confiscated Gold |
1. |
Sale
of Confiscated Gold will be made at the
Customs retail shop. Sale is subject to
the following conditions: |
| |
(a) |
The
gold will be sold on "As is where is
basis" |
| |
(b) |
The
sale will be as per the actual ascertained
weight of each gold biscuit sold. The
piece of the gold in biscuit form will not be
cut or otherwise varied in size |
| |
(c) |
The
price shall be fixed every day based on the
closing Bullion exchange price of the previous
day of gold of the same purity at Mumbai, less
1% discount.. The Sales Tax, as
applicable, shall be charged extra |
| |
(d) |
The
minimum quantity of the sale will be 1 Kg and
the maximum quantity of gold sold to any
single person or firm will not exceed 5 Kg on
any day |
| |
(e) |
All
sales of gold will ordinarily be against a
banker's cheque. However, if there is
some difference between the value of gold
bought and face value of banker's cheque
tendered by the purchaser, the balance amount
will be accepted by cash which can be remitted
into the Customs House Treasury in the Customs
House. For the convenience of the buyers
deposit account could be opened with the
Customs House in advance and delivery of the
gold can be made against debit of the deposit
account. |
| |
(f) |
Gold
will be sold only to such individual/firms
etc., who possess a permanent account number
(PAN). The purchaser should also indicate to
the assessment office/range where he files his
Income Tax returns in the application forms/
requisition forms submitted for the purchase
of the gold. |
| |
(g) |
The
gold once sold will not be taken back or
replaced |
| |
(h) |
No
complaint or objection regarding weight or
purity of the gold will be entertained
subsequent to the delivery of the gold. |
| 2. |
Procedure: |
| |
(a) |
The
gold will be sold to the buyers on
"first-cum-first-served" basis.
The buyers are required to fill in the
requisition slip-cum-application forms as per
proforma annexed to this Public Notice
indicating his: . |
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|
name |
| |
|
address |
| |
|
permanent
account number allotted by the Income Tax
Authorities |
| |
|
the
quantity of gold to be purchased |
| |
|
the
particulars of the payment |
| |
(b) |
All
requisition-slip-cum application forms should
accompany the bankers cheque of the requisite
amount for the quantity of the gold sought to
be purchased by the intending buyer or against
debit of the deposit account. |
| |
(c) |
Requisition-slip-cum-application
form in the prescribed form will be received,
from the intending buyers, between 3 p.m. on
any working day in the office of the
Superintendent of Customs (disposal), Basement
Warehouse, all the
requisition-slip-cum-application forms so
received shall be allotted a serial number and
the acknowledgement will be issued to the
intending buyer. |
| |
(d) |
The
delivery shall be made by the Superintendent
of Customs (Disposal), Basement Warehouse on
the basis of requisition slip-cum-application
forms received till 5 p.m. on all working
days. |
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| Personal
Deposit Account |
1. |
Those
buyers who intend to open a Personal Deposit
Account are required to make an application on
a plain paper to the C.A.O. new Customs House,
Mumbai, giving the details of the: |
| |
(a) |
Name
of the company/firm/person |
| |
(b) |
Address |
| |
(c) |
Telephone
number |
| |
(d) |
Income
Tax PAN, the name of the person(s) authorised
to act on behalf of the Company/firm. |
| |
enclosing
with it a certificate from the Mumbai Bullion
association regarding their standing in the
Bullion trade as well as a certificate from
their banker stating their financial standing. |
| 2. |
The
buyer should also get a letter from his banker
certifying his identity and verification of
his specimen signatures (in duplicate). |
| 3. |
In
case the buyer intends to authorise another
person to transact business at the Customs for
purchase of Attorney (in duplicate) in favour
of the said person. The said Power of
Attorney should have the certification of the
specimen signatures of the said person by the
buyer. |
| 4. |
On
being satisfied, the C.A.O. will open a
Personal Deposit Account and allot an Account
Number to the buyer. |
| 5. |
The
details of the Personal Deposit Account along
with copy from the bank certification of the
specimen signature/Power of Attorney would be
given to the staff stationed at the Basement
Warehouse, Annexe Building, New Customs House,
Mumbai-38, who shall keep the same in the safe
custody. |
| 6. |
Whenever,
the buyer intends to deposit a lump sum amount
in his Personal Deposit Account, he shall fill
up the Challan (in triplicate), stating, inter
alia, therein the details of the banker's
cheque/demand draft as well as his Personal
Deposit Account Number. |
| 7. |
On
receipt of this amount by the Cashier, credit
of the same will be given in his account. |
| 8. |
When
any purchaser intends to purchase Gold through
his Personal Deposit Account, he shall state
so in his Application-cum-Requisition form
giving the particulars of the Personal Deposit
Account Number and balance amount of credit
held in the Account. |
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|
|
| Sale
of Confiscated Silver |
1. |
Silver
will be sold through Customs Retail shop
located at the Customs House, 15/1, Strand
Road, Calcutta-1. The following points
are to be noted: |
| |
(a) |
The
application/requistion slips in the prescribed
form will be received from the intending
buyers between 3 P.M. and 5 P.M., on each
working day, in the office of
superintendent (Disposal) Basement warehouse. |
| |
(b) |
No
individual/firm, shall be allowed to submit
more than one application/requisition slip per
week. |
| |
(c) |
All
the application/requisition slips so received
will be allotted running serial number and an
acknowledgement in token of the receipt of the
application/requisition slip Will be issued. |
| |
(d) |
The
delivery schedule shall be prepared by the
Superintendent (Disposal), Basement warehouse,
by Friday evening every week on the basis of
applications / requisitions received up to 5
P.M. on Friday of that week and the same shall
be displayed on the he Notice Board on the
next Monday morning. |
| |
(e) |
The
delivery of silver shall be given to the
intending buyers on the day notified as per
their turn based upon the running serial
numbers of their applications/requisi- tion
slips. |
| |
(f) |
all
the application/requisition slips should
accompany the Pay-order/bankers cheque of the
requisite amount for the quantity of silver
sought to be purchased by the intending buyer. |
| 2. |
Procedure: |
| |
(a) |
Silver
will be sold only to such individuals/firms
etc., who are registered with the Income-tax
authorities as assessee. |
| |
(b) |
All
sales of silver shall ordinarily be against a
Banker's Cheque. However, if there is
some difference between the value of the
silver bought and face value of Banker's
cheque tendered by the purchaser, the balance
amount may be accepted by cash remitted into
Customs House Treasury or into sales counter
itself, as the case may be. |
| |
(c) |
The
bricks/ingots of silver will be sold as per
exact weight of the brick ascertained by
weighment. generally the weight of a
brick varies between 34 to 38 kgs. A
brick will not be cut to meet the quantity
requirement of the buyer. |
| |
(d) |
The
price of silver will be fixed every day on the
basis of the daily closing of Bombay Bullion
exchange price of the previous day minus 5%
discount. |
| |
(e) |
The
maximum quantity that can be sold to one
person will be limited to 210 kgs, only. |
| |
(f) |
Silver
bricks will be disposed of on 'as is where is'
condition. |
