BG for 5% of gold value (and not bond amount) obtained for nominated agencies

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..... the nominated agency for sale/ loan to jewellery exporter - Procedures Amendment of Bank Guarantee amount regarding. I am directed to refer to Board's Circular No. 27/ 97 dated 8th July, 1997 and Circular No. 48/97 dated 13th October, 1997 on the subject cited above. 2. The Gold Jewellery Exporters Association, New Delhi and the Ministry of Commerce have submitted that the .....

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..... executed by the Gem Jewellery exporters for taking duty free gold from the Nominated Agencies should be secured by a bank guarantee of 5% of the value of the gold (not bond amount as specified earlier). Accordingly, para 2(b) of the Circular No. 27/ 97 para 9 of the Circular No. 48/97 may be treated as modified to this extent. This may be given vide publicity by issue of a suitable public Not .....

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