The Central Board of Indirect Taxes and Customs (CBIC), satisfied that it is necessary and expedient to do so, hereby makes the following amendments to the Government of India notification in the Ministry of Finance (Department of Revenue), 1: Gold, in any form, in respect of which the benefit of entries at serial number 356 of Notification No. 50/2017-Customs dated 30.06.2017 is availed: Rs 659 per 10 grams.
2: Silver in any form, benefiting from entries at serial number 357 of Notification No. 50/2017-Customs dated 30.06.2017: Rs 807 per kilogram. Also announced by the CBIC is a price of Rs 807 per kilogram for (i) silver in any form, other than medallions and silver coins with a silver content of not less than 99.9% or semi-manufactured forms of silver falling under subheading 7106 92.
(ii) Medallions and silver coins with a silver content of not less than 99.9% or semi-manufactured forms of silver falling under subheading 7106 92, excluding imports of such items via post, courier, or luggage.
Explanation. – For the purposes of this entry, silver in any form does not include foreign currency coins, silver jewelry, or silver goods.
Rs 659 per 10 gram for (i) gold bars, other than tola bars, bearing a manufacturer’s or refiner’s engraved serial number and weight indicated in metric units; and (ii) gold coins and gold ornaments with a gold content of not less than 99.5%, excluding importation of such products via post, courier, or luggage.
According to the Explanation, “gold findings” denotes “a small component such as a hook, clasp, clamp, pin, catch, or screw back used to hold the whole or a part of a piece of jewelry in place.”