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TMI BlogProcedure to be followed by nominated agencies importing gold/ silver/platinum under the scheme for ‘Export against supply by Nominated AgenciesX X X X Extracts X X X X X X X X Extracts X X X X ..... n the above mentioned subject. 2. In connection with the changes made to Chapter IX of the Customs Act andRegulations issued thereunder, requests for clarification have been received by Board from field formations 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 57/2000Customs dated 8th May 2000. 3. 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 AP (DIR Series) Circular No. 25 date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 57/2000Cus dated 8th May 2000 must be cleared on a bill of entry for home consumption and not a bill of entry for warehousing. 6.1. Consignments of Gold / Silver / Platinum imported under notification no. 57/2000-Cus. do not require to be warehoused. In order to facilitate a smooth transition to the new procedure, it is being provided that nominated agencies shall f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (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) For the purpose of para (i) above, the Nominated Agencies may execute a bond for an amount equivalent to the duty involved on the import of a particular consignment, or, a general bond for an amount equivalent to the duty involved on quantity of precious metal likely to be imported over a specified period as declared by the importer; (iii) The Nominated Agency shall, along with the bond, furnish a bank guarantee equal to 25% of the estimated amount of duty involved. (iv) However, the designated banks nominated by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ils of their unit; As per para 6.01 (h) of FTP 2015-20, EOUs shall have to provide proof of export within a period of 90 days from the date on which they are issued the gold imported by nominated agencies. (vii) As far as exporters operating under replenishment scheme are concerned, they may be permitted to receive precious metal from the Nominated Agencies on submission of EP copy of the shipping bill. Nominated agencies shall also monitor the export proceeds realization of such shipments 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 gol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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