Public Interest Amendments to Customs Duty Exemptions under Notification No. 50/2017-Customs

Last updated: 29 April 2025

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This notification introduces amendments to customs duty exemptions, specifically updating Lists 34A and 34B within the framework of Notification No. 50/2017-Customs. These changes are deemed necessary in the public interest and are effective from 1st April 2025, remaining valid until 31st March 2026. The updated lists include specific banks and financial institutions.

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)
Notification No. 24/2025-Customs

New Delhi, the 28th April, 2025

G.S.R. ......(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, 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:-

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, 2025 and valid upto 31st March, 2026 :

Axis Bank Limited
Bank of India
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
Punjab National Bank
RBL Bank Limited
State Bank of India
Yes Bank Limited

List 34B (See S. No. 359A of the Table)- with effect from 1st April, 2025 and valid upto 31st March, 2026 :

Indian Overseas Bank
Union Bank of India.”.

[F No. 190354/35/2023-TRU]

(Dheeraj Sharma)
Under Secretary to Government Of India

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. 23/2025-Customs, dated the 4th April, 2025 published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), vide number G.S.R. 218(E), dated the 4th April, 2025.

Official copy of the circular has been attached

FAQ :

The notification makes further amendments to Notification No. 50/2017-Customs in the public interest, specifically concerning customs duty exemptions.

List 34A and List 34B, along with their related entries, have been substituted with updated versions.

The amendments are effective from 1st April 2025 and are valid up to 31st March 2026.

The updated lists include various banks such as Axis Bank Limited, Bank of India, Federal Bank Limited, HDFC Bank Limited, ICICI Bank Limited, and others, as well as Indian Overseas Bank and Union Bank of India.

The amendments are made in exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 and sub-section (12) of section 3 of the Customs Tariff Act, 1975.