In exercise of the powers conferred by sub-sections (1) and (2) of Section 30 read with sub-section (4) of Section 88 of the Tamil Nadu Value Added Tax Act, 2006 (Tamil Nadu Act 32 of 2006), the Governor of Tamil Nadu hereby makes an exemption in respect of tax payable under the said Act on the sale of Gold imported from Foreign Countries to the exporters of Gold Jewellery on the following basis under the scheme of Gold Jewellery Export Promotion and Replenishment Scheme of Government of India:-

(a) replenishment scheme after completion of export;

(b) outright purchase basis in advance; and

(c) on loan basis

by the Minerals and Metals Trading Corporation and the following fourteen Scheduled Commercial Banks authorized by the Reserve Bank of India:-

(1) Allahabad Bank

(2) Bank of India

(3) Canara Bank

(4) Indian Overseas Bank

(5) ABN-Amro Bank

(6) Bank of Nova Scotia

(7) Standard Chartered Bank

(8) State Bank of India

(9) Corporation Bank

(10) Oriental Bank of Commerce

(11) Bank of Baroda

(12) Punjab and Sind Bank

(13) Syndicate Bank

(14) Dena Bank

subject to the condition that Minerals and Metals Trading Corporation and the above said banks did not collect tax on the above said sales.

2. The Notification shall come into force on the 5th March 1997 in respect of Minerals and Metals Trading Corporation and on the 1st April 1999 in respect of the said Scheduled Commercial Banks and shall be deemed to have remained in force up to and inclusive of the 31st December 2006.