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Taxation Central Ministry of Finance Customs Act, 1962

CBIC Amends Customs Duty Exemptions for Gold, Silver, and Platinum Imports by Banks and Entities

06-May-2024 | Notification No. 25/2024 -Customs

The Central Board of Indirect Taxes and Customs (CBIC) has notified an amendment to notification No. 50/2017-Customs, dated 30th June, 2017.

Key Points of the Amendment:
1. The amendment substitutes List 34A and List 34B in the Annexure to the Table of the notification.
2. The substituted Lists and entries are effective from 1st April, 2024, and valid up to 31st March, 2025.
3. The revised Lists provide exemptions from customs duty and integrated tax on the import of certain goods.
4. List 34A exempts the import of Gold or Silver or both by banks.
5. List 34B exempts the import of Gold by banks.

Additionally, the import of Gold/Silver/Platinum by entities as per List 34C also remains exempt from customs duty and integrated tax leviable when imported into India.

For further details, please refer to the attached amended notification issued by CBIC.

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