Gem & Jewellery EP Scheme Modified Duty Payment in Rupees Permitted on Domestic Sale - Nominated Agencies Changed - 36/1997 - Foreign Trade Policy

Gem Jewellery EP Scheme Modified Duty Payment in Rupees Permitted on Domestic Sale - Nominated Agencies Changed Notification No. 36/1997 Dated 29/01/1998 In exercise of powers conferred by section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (No.22 of 1992) read with paragraph 1.3 of the Export and Import Policy,1997 -2002 published in the Gazette of India extraordinary, Part-ll, Section 3-Sub-section (ii) vide S.O. No. 283(E) dated 31.3.97, the Central Government hereby makes following amendments in the Export and Import Policy, 1997-2002. 1. Para 8.15 of EXIM Policy shall be amended to read as: "The exporter availing the schemes of gold/silver/platinum jewellery and articles thereof may obtain gold/silver platinum from the nominated agencies. The nominated agencies are MMTC ltd., Handicraft Handloom Export Corporation (HHEC), State Trading Corporation (STC). The Projects Equipments of India Limited (PEC) and any agency authorised by the Reserve Bank of India (RBI)." 2. Para 8.32 of EXIM Policy shall be amended to read as: "Re-export of imported goods and export of domestically procured goods including goods generated out of the partial processing/manufacture from such goods are permitted. Besides, supply of unsuitable rough diamonds and precious stones/semi-precious stones up to 5% of value of imported or indigenously procured rough diamonds, precious stones and semi-precious stones to the holders of valid REP/Gem Rep./Diamond Imprest licences on payment of appropriate duty are also permitted". 3. Para 8.36 of EXIM Policy shall be amended to read as: "EOU/EPZ units are also permitted to sell 10% of value of exports of the preceding year to the DTA. In respect of sales of plain jewellery, the recipient shall pay concessional rate of duty to the Customs in Indian rupees as applicable to sale from nominated agencies. In respect of studded jewellery duty shall be payable in Indian rupees as notified by the Customs. Such supply shall, however, be subject to the achievement of prescribed value addition." This issues in public interest. Sd/- (N.L. Lakhanpal) Director General of Foreign Trade