Gold etc. import procedure for MMTC/STC/SBI/HHEC for exporters

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..... s the Nominated Agency) are authorised to import precious metals and supply in advance on outright purchase or loan basis or as replenishment to exporters after exports in the various EPZs/ EOUs or in LTA with an export obligation imposed thereon. 2. In the light of operation of the above schemes for past one year, the procedure was reviewed in consultation with the Ministry of Commerce and it has been decided that the following procedure be adopted in respect of gold / silver / platinum imported by Nominated Agencies under any of the above said duty exemption schemes for manufacture of jewellery for export. The Nominated Agencies would also be eligible to operate other gold/ silver import schemes as advised from time to time. .....

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..... ssed Bill of Entry on which ex-bond clearance has been allowed by a proper Officer and for rendering to customs a complete account of gold/ silver/ platinum received and kept by them in bond. In their capacity as a bonder they will also maintain the prescribed records, including the name, address and other specified details fro exporters and quantity of gold/silver/platinum released to and exported by each exporter. They shall also keep the Customs authorities informed of any exports which are due but have not taken place within the permissible period. (f) Presently as per the EXIM Policy, the exports are required to be completed within a specified time from the date of release/ purchase of gold, for various schemes. In the event .....

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..... not covered by the bank guarantee, and further penal action as per law. (h) The performance of exporters who have received duty free clearance of gold should be carefully watched. The Commissionerates should devise an affidavit monitoring system to ensure that no bond/ guarantees lapses for want of action and no defaulter is allowed to draw any further gold. 3. The above said procedures may be brought into effect immediately, and the trade be informed suitably. 4. This supersedes instructions contained in Circular No. 38/ 96 dated 9th July, 1996 issued from F. No. 305/ 80/ 94- FTT. .....

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