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Procedure to be followed by nominated agencies importing gold/silver/platinum under the scheme for Export Against Supply by Nominated Agencies

Customs - 27/2016 - Dated:- 10-6-2016 - Circular No. 27/2016-Customs F. No 484/31/2016 - LC Govt. of India Ministry of Finance Dept. of Revenue Central Board of Excise & Customs New Delhi, dated 10th June 2016 To, All Principal Chief Commissioners Customs, All Principal Chief Commissioners of Customs & Central Excise, All Chief Commissioners of Customs, All Chief Commissioners of Customs & Central Excise, All Directors General, Chief Departmental Representative, All Principal Commiss .....

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and trade regarding the circulars 28/2009-Cus dated 14.10.2009 / Circular No. 34/2013- Cus. dated 04.09.2013 and warehousing of Gold/Silver/Platinum imported by nominated agencies under notification 57/2000-Customs dated 8th May 2000. 2. Circular 28/2009-Cus. lays down the procedure to be followed by the Nominated Agencies for supplying duty free gold imported under notification 57/2000-Customs, to exporters. Consequent to the guidelines issued by RBI for import of gold and gold dore bars vide .....

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77 (RE-2008)/2004-09 dated 31.03.2009 and withdrew all circulars on the import of precious metal by nominated agencies by circular no. 14 dated 01.02.2011. Later by issue of Policy Circular no. 39 (RE-2010)/ 2009-14 dated 19.08.2011, a fresh monitoring mechanism was laid out. Upon the issue of FTP 2015-20, circular no. 39 dated 19.08.2011 was also rescinded and para 4.41 of the Foreign Trade Policy and 4.94 of the Hand Book of Procedures now lay down the procedure with regard to import of gold/ .....

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deferment. As per section 2 (14) of the Customs Act, Dutiable goods are defined as any goods which are chargeable to duty and on which duty has not been paid . Chapter IX provides that only dutiable goods may be deposited in a warehouse. Therefore, any exempted goods are not to be warehoused within the meaning of chapter IX of the Customs Act. Accordingly, any gold/silver/platinum imported under the notification 57/2000-Cus dated 8th May 2000 must be cleared on a bill of entry for home consumpti .....

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eanwhile, the goods can continue to be stored in the existing vaults. 5.2 The procedure regarding warehousing of dutiable precious metals under Section 58A is under consideration of the Board. In the meantime, any dutiable precious metals already imported or to be imported (i.e. without availing notification no. 57/2000-Cus. or any other exemption notification by virtue of which no duty is chargeable) can continue to be stored in the existing vaults licensed under erstwhile Section 58. Since the .....

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minated agencies for supply to exporters. The same has now been reviewed by the Board and the following simplified procedure shall henceforth be followed: (i) the Nominated Agencies shall execute a bond to the Deputy/Assistant Commissioner of Customs binding themselves to, - (a) maintain accounts for the gold/silver/platinum imported; and (b) to discharge the duty in the event of the exporter not fulfilling his export obligation within the period prescribed under the foreign trade policy; (ii) F .....

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anks nominated by RBI as well as public sector undertakings shall be exempt from the condition of furnishing bank guarantee, provided they fulfill the following conditions: (a) they have not defaulted in following the procedure and conditions specified by DGFT; (b) they have not defaulted in payment of duty within the specified period in cases where there was a default in export of jewellery by an exporter to whom the gold/silver/platinum had been supplied; (c) they have not been involved in any .....

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oners who will issue them a one-time certificate specifying therein the details of their units. This certificate has to be produced to the Nominated Agencies while taking gold. The exporter shall submit to the Asst. Commissioner an undertaking to the effect that he shall export the jewellery made from the gold/silver/platinum received from the nominated agency within the period stipulated in the Foreign Trade Policy. (vi) EOUs may submit a self-declaration to the Nominated Agencies stating there .....

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ments against which they have replenished precious metal, on the basis of Bank certificate of realization to be submitted by exporters to the nominated agencies, as a proof of having exported the jewellery. (viii) the Nominated Agencies would supply the gold / silver / platinum for export production and would submit an exporter-wise consolidated monthly account in format enclosed by the 10th of the succeeding month to the Customs station of import; (ix) the exporter shall furnish the EP copy of .....

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