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710812 00    Other Un-     Re-     Not permitted to      Import permit-
             wrought       stric-  be imported ex-       ted against 
             forms         ted     cept against a li-    Special Import 
                                   cence or in accor-    Licence (SIL) 
                                   dance with a. Pub-   
                                   lic Notice issued in 
                                   this behalf

11. The principal question which, thus, arises for consideration is as to whether gold is a prohibiited item ? A Public Notice No. 51, dated 27th October, 1997 was issued which reads thus -

"Attention is invited to Public Notice No. 214/(PN)/92-97, dated 1st June, 1994 vide which import of gold and silver was allowed without licence by Reserve Bank of India or any other agency to be designated by the Ministry of Finance (Deptt. of Economic Affairs). In exercise of the powers conferred under paragraph 4.11 of the Export and Import Policy 1997-2002 read with Col. 4 of the ITC (HS) Classification in Chapter 71, the Director General of Foreign Trade hereby notifies that these disignated agencies as mentioned in the Notification 80/97 referred above may import gold and silver for sale in the domestic market also without a licence or without surrender of SIL in respect of following entries of ITC (HS) Classifications of Export and Import Items 1997-2002 :-
Gold:
710812 00 Other unwrought forms."

12. The same was further amended by a Public Notice No. 54 dated 4th November, 1997 which is to the following effect :-

"Attention is invited to Public Notice No. 51/(PN)/97-02 dated 27th October, 1997 on the above subject. In partial modification of the above Public Notice, it is hereby notified that the import of gold and silver shall be permitted to the nominated and authorised agencies by the Reserve Bank of India (RBI)/Ministry of Finance. It is further notified that payment of Customs duty for import of gold and silver by such agencies without surrender of Special Import Licence (SIL) and by other importers against surrender of SIL shall also be made in Indian Rupees on payment of such Customs duties as may be notified by the Deptt. of Revenue from time to time.