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Core Purpose

Notification under section 25(1) of the Customs Act, 1962 further amending Notification No. 22/2022-Customs to revise Importer-Exporter Code eligibility criteria for Tariff Rate Quota gold imports through the India International Bullion Exchange.

Detailed Summary

This notification of the Ministry of Finance, Department of Revenue (Central Board of Indirect Taxes and Customs), numbered Notification No. 66/2023-Customs, G.S.R. 909(E), dated 22nd December 2023 (F. No. CBIC-190354/104/2023-TO(TRU-I)-CBEC), further amends, in exercise of powers under sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the notification No. 22/2022-Customs dated 30th April 2022 (G.S.R. 328(E)), as last amended by Notification No. 63/2023-Customs dated 30th November 2023 (G.S.R. 872(E)), by substituting Condition No. 2 in the Annexure Table to specify that the Importer-Exporter Code (IEC) mentioned in a Tariff Rate Quota (TRQ) authorisation must belong to agencies nominated by the Reserve Bank of India (for banks), agencies nominated by the Directorate General of Foreign Trade (for other agencies), qualified jewellers notified by the International Financial Services Centres Authority (IFSCA) through the India International Bullion Exchange (IIBX), or valid India-UAE TRQ Holders notified by the IFSCA through the IIBX, who may obtain physical delivery through IFSCA-registered vaults in Special Economic Zones per IFSCA guidelines, and requiring importers to follow the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 unless the importer and TRQ Holder are the same entity; the notification is signed by Rajeev Ranjan, Under Secretary.

Full Text

7896 GI/202 3 (1) रजिस्ट्री सं. डी.एल.- 33004/99 REGD. No . D. L. -33004/99 EXTRAORDINARY PART II —Section 3 —Sub-section ( i) PUBLISHED BY AUTHORITY No. 725] NEW DELHI, FRIDAY , DECEMBER 22 , 2023/ PAUSA 1, 1945 CG-DL-E-22122023-250818 MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 22nd December , 202 3 No. 66/2023 -Customs G.S.R. 909(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, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue) No. 22/2022 -Customs,dated the 30th April, 2022,published in the Gazette of India, Extraordinary, Part II, Section 3, Sub -Section (i), vide number G.S.R. 328 (E), dated the 30th April, 2022, namely: - In the said n otification, in the Annexure, in the Table, for Condition No. 2 and the entries relating thereto, the following Condition No. and entries shall be substituted, namely: - “2 (a) Importer -Exporter Code (IEC), mentioned in Tariff Rate Quota (TRQ) authorization s pecified in clause (b) of Condition No. 1, shall be Importer Exporter Code (IEC) of - i. nominated agencies as notified by Reserve Bank of India (RBI) (in case of banks), ii. nominated agencies as notified by Directorate General of Foreign Trade (DGFT) (for other agencies), iii. qualified jewelers (as notified by International Financial Services Centres Authority (IFSCA)) through India International Bullion Exchange (IIBX), or iv. Valid India UAE TRQ Holders as notified by IFSCA through India International Bullion Exchange (IIBX) against the TRQ and can obtain physical delivery of their imports through IFSCA registered vaults located in SEZs as per guidelines prescribed by the IFSCA. (b) the importer follows the procedure set out in the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022: Provided that Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 shall not be applicable if the importer and the TRQ Holder are the same entity.”. [F. No. CBIC -190354/104/2023 -TO(TRU -I)-CBEC] RAJEEV RANJAN, Under Secy . Note: - The principal notification No. 22/2022 -Customs, dated the 30th April, 2022 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub -Section (i), vide number G.S.R. 328 (E), dated the 30th April, 2022 and was last amended, vide notification No. 63/2023 -Customs, dated the 30th November, 2023 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub -section (i), vide number G.S.R. 872 (E), dat ed the 30th November, 2023. Uploaded by Dte. of Printing at Government of India Press, Ring R oad, Mayapuri, New Delhi -110064 and Published by the Controller of Publications, Delhi -110054.

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