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Date: 06-May-2024 Category: Extra Ordinary State: Union Government Country: India

Amending Notification No 50 of 2017 Customs

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification No. 25/2024-Customs, dated May 6, 2024, issued by the Ministry of Finance (Department of Revenue), amends Notification No. 50/2017-Customs, dated June 30, 2017. This amendment replaces List 34A and List 34B in the annexure to the table of the original notification with updated lists of banks.

Key Changes

  • List 34A is replaced with a new list of 11 banks, effective from April 1, 2024, and valid until March 31, 2025. The banks included are Axis Bank Limited, Federal Bank Limited, HDFC Bank Limited, Industrial and Commercial Bank of China Limited, ICICI Bank Limited, IndusInd Bank Limited, Kotak Mahindra Bank Limited, Karur Vysya Bank Limited, RBL Bank Limited, State Bank of India and Yes Bank Limited.
  • List 34B is replaced with a new list of 3 banks, effective from April 1, 2024, and valid until March 31, 2025. The banks included are Indian Overseas Bank, Punjab National Bank and Union Bank of India.

Impact Analysis

Stakeholders Impacted

  • General Public: Indirectly affected through potential impacts on trade and the economy.

Suggested Action Items

  • Ministry of Finance (Department of Revenue): Monitor the implementation of the notification and address any issues that may arise.

Key Entities Referenced

Customs Act, 1962: The principal legislation governing customs duties in India. Section 25 empowers the government to grant exemptions from customs duties. Customs Tariff Act, 1975: An act to provide for the imposition of customs duties on goods imported into India and for matters connected therewith. Section 3(12) provides power to the central government regarding tariff related notifications. Notification No. 50/2017-Customs, dated June 30, 2017: The original notification being amended by this notification. It was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 785 (E), dated the 30th June 2017. Notification No. 19/2024-Customs, dated March 15, 2024: The last notification that amended the principal notification No.50/2017-Customs. It was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 206 (E), dated the 15th March, 2024. Axis Bank Limited: One of the banks listed in the updated List 34A. Federal Bank Limited: One of the banks listed in the updated List 34A. HDFC Bank Limited: One of the banks listed in the updated List 34A. Industrial and Commercial Bank of China Limited: One of the banks listed in the updated List 34A. ICICI Bank Limited: One of the banks listed in the updated List 34A. IndusInd Bank Limited: One of the banks listed in the updated List 34A. Kotak Mahindra Bank Limited: One of the banks listed in the updated List 34A. Karur Vysya Bank Limited: One of the banks listed in the updated List 34A. RBL Bank Limited: One of the banks listed in the updated List 34A. State Bank of India: One of the banks listed in the updated List 34A. Yes Bank Limited: One of the banks listed in the updated List 34A. Indian Overseas Bank: One of the banks listed in the updated List 34B. Punjab National Bank: One of the banks listed in the updated List 34B. Union Bank of India: One of the banks listed in the updated List 34B.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-06052024-254050 CG-DxLx-xEG-I0D6H0x5x2x0 24-254050 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 249] नई दिल्ली, सोमिार , मई 6, 2024/ििै ाख 16, 1946 No. 249] NEW DELHI, MONDAY, MAY 6, 2024/VAISAKHA 16, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग अजधसचू ना नई दिल्ली, 6 मई, 2024 सख्ं या 25/2024-सीमािल्ु क सा.का.जन. 270(अ).—सीमा िुल्क अजधजनयम, 1962 (1962 का 52) की धारा 25 की उप धारा (1) और सीमािुल्क टैररफ अजधजनयम, 1975 (1975 का 51) की धारा 3 की उपधारा (12) द्वारा प्रित्त िजियों का प्रयोग करत े हुए, केन्‍द र सरकार, इस बात से संतुष्ट होते हुए दक ऐसा करना िनजहत में आिश्यक ह,ै एतद्द्वारा, भारत सरकार, जित्त मंत्रालय (रािस्ट्ि जिभाग) की अजधसूचना संख्या 50/2017-सीमािुल्क, दिनांक 30 िनू , 2017 जिसे सा.का.जन. संख्या 785 (अ), दिनांक 30 िून, 2017 के तहत भारत के रािपत्र, असाधारण, भाग II, खडं 3, उप-खंड (i) म ें प्रकाजित दकया गया था, म ेंऔर आगे जनम्नजलजखत संिोधन करती ह,ै अथाात् :- उि अजधसूचना म,ें तालिका के अनिु ग्नक म,ें सूची 34 क एवं सूची 34 ख, और उससे संबंलित प्रलवलियों के स्थान पर, लनम्नलिलखत सूलचयां एव ं प्रलवलियां प्रलतस्थालपत की जाएँगी, अथाात :- “ सूची 34क (तालिका का क्रमांक 359क देख)ें - सूची 1 अप्रिै , 2024 स े 31 माच,ा 2025 तक वैि ह ै: 1. एलससस बैंक लिलमटेड 2894 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 2. फेडरि बैंक लिलमटेड 3. एचडीएफसी बैंक लिलमटेड 4. इंडलस्ियि एंड कमर्शायि बैंक ऑफ चाइना लिलमटेड 5. आईसीआईसीआई बैंक लिलमटेड 6. इंडसइंड बैंक लिलमटेड 7. कोटक महहद्रं ा बैंक लिलमटेड 8. करूर वैश्य बैंक लिलमटेड 9. आरबीएि बैंक लिलमटेड 10. स्टेट बैंक ऑफ इंलडया 11. यस बैंक लिलमटेड सूची 34ख (तालिका का क्रमांक 359क देखें) - सूची 1 अप्रिै , 2024 स े 31 माच,ा 2025 तक वैि ह ै: 1. इंलडयन ओवरसीज बैंक 2. पंजाब नेशनि बैंक 3. यूलनयन बैंक ऑफ इंलडया”I [फा. सं. सीबीआईसी-190354/35/2023-टीओ (टीआरय-ू 1)] जिक्रम जििय िानेरे, अिर सजचि रटप्पणी: -मलू अजधसूचना संख् या 50/2017-सीमा िुल्क, दिनांक 30 िनू , 2017 को सा.का.जन.स.ं 785(अ), दिनांक 30 िून, 2017 के तहत भारत के रािपत्र, असाधारण, भाग II, खंड 3, उप-खंड (i) में प्रकाजित दकया गया था और इसमें अंजतम बार अजधसूचना संख्या 19/2024-सीमा िल्ु क, दिनांक 15 माच,ा 2024, जिस े सा.का.जन.स.ं 206(अ), दिनांक 15 माच,ा 2024 के तहत भारत के रािपत्र, असाधारण, भाग II, खडं 3, उप खंड (i) म ेंप्रकाजित दकया गया था, के द्वारा संिोधन दकया गया था। MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 6th May, 2024 No. 25/2024 -Customs G.S.R. 270(E).— In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government, on 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 in the Ministry of Finance (Department of Revenue) No. 50/2017- Customs, dated the 30th June, 2017, published in the Gazette of India , Extraordinary , Part II, Section 3 , Sub-section (i), vide number G.S.R 785 (E), dated the 30th June 2017, namely:-[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3 In the said notification, in the Annexure to the Table, for List 34A and List 34B, and the entries relating thereto, the following Lists and entries shall respectively be substituted, namely: “ List 34A (See S. No. 359A of the Table) - with effect from 1st April, 2024 and valid upto 31st March, 2025 : 1. Axis Bank Limited 2. Federal Bank Limited 3. HDFC Bank Limited 4. Industrial and Commercial Bank of China Limited 5. ICICI Bank Limited 6. IndusInd Bank Limited 7. Kotak Mahindra Bank Limited 8. Karur Vysya Bank Limited 9. RBL Bank Limited 10. State Bank of India 11. Yes Bank Limited List 34B (See S. No. 359A of the Table) - with effect from 1st April, 2024 and valid upto 31st March, 2025 : 1. Indian Overseas Bank 2. Punjab National Bank 3. Union Bank of India”. [F. No. CBIC-190354/35/2023-TO(TRU-I)] VIKRAM VIJAY WANERE, Under Secy. Note: -The principal notification No.50/2017-Customs, dated the 30th June, 2017 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 785(E), dated the 30th June, 2017 and last amended vide notification No. 19/2024-Customs, dated the 15th March, 2024 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 206 (E), dated the 15th March, 2024. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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