TMI BlogExport against supply by Nominated Agencies- procedure and guidelines reg.X X X X Extracts X X X X X X X X Extracts X X X X ..... edure to be followed by the Nominated Agencies for supplying duty free gold to exporters under various schemes under the EXIM Policy 1997-2002. 2. In order to address the difficulties in supply of gold, silver and platinum to small jewellery exporters, DGFT has included 5 more new agencies/entities as "nominated agencies" for import of gold/silver/platinum (hereinafter referred as the "precious metal"). Now the nominated agencies are as under: (1) Metals and Minerals Trading Corporation limited (MMTC); (2) Handicraft and Handloom Export Corporation (HHEC); (3) State Trading Corporation (STC); (4) Project and Equipment Corporation of India Ltd (PEC); (5) STCL Ltd; (6) MSTC Ltd; (7) Diamond India Limited (DIL); (8) Gems Je ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Customs or Central Excise (hereinafter referred as the "said officer") under Section 58 of the Customs Act, 1962 ; (ii) the Nominated Agencies shall furnish a bond to the satisfaction of the said officer undertaking to properly account for the warehoused precious metal and also to discharge the duty liability at the prescribed effective rate of duty in the event of the exporter not fulfilling his export obligation within the prescribed period; (iii) the Nominated Agencies may be permitted to give a general bond for an estimated amount of duty worked out at the effective rate involved in their monthly import or may give a revolving bond starting with a bond equal to the duty estimated at the effective rate on quantity of precious met ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ined; (vi) the Nominated Agencies will be required to keep the imported duty free goods for supply to the exporters segregated from the quantities imported for domestic consumption on payment of duty; (vii) the Nominated Agencies shall be exempt from following the double lock system. Physical presence of the Bond Officer will not be required for bonding or ex-bonding the goods. No cost recovery charges would be payable by the Nominated Agencies; (viii) the Nominated Agencies can be visited by Custom officers for surprise audit or checks. The Commissioner should devise a system of random audit at least once in 6 months initially and once in a year subsequently; (xi) the exporters intending to receive precious metal from the Nominate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llery made from the duty free goods released to them within the period prescribed in the Foreign Trade Policy; (xiii) wherever such proof of export is not produced within the period prescribed in the Foreign Trade Policy, the Nominated Agencies shall (without waiting for its recovery from the exporter) deposit the amount of duty calculated at the effective rate leviable on the quantity of precious metal not exported, within 7 days of expiry of the period within which the jewellery manufactured out of the said precious metal was supposed to be exported. The duty so paid by the Nominated Agency shall be reflected in the monthly statement prescribed in para (x) above. The Nominated Agencies will settle their claim with the exporter at their ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Monthly Statement to be sent by the Warehouse Owner to the Commissioner of Customs 1. Name of the Warehouse Owner: 2. Full Address : 3. Bond No. Date : 4. Amount of Bond : 5. Accepted by : RECEIPTS Date Date of Import B/ E No. Date Date of reware- housing Quantity of Gold/ Silver / Platinum Value Signature of Warehouse owner / representative 1 2 3 4 5 6 7 ISSUE Date of Issue Name Address of the Exporter Qty. issued Gold/ Silver Platinum Value Duty on the goods issued Shipping Bill No. Date Qty. exported Qty. not exported in time Details of such shipmen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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