Seizure of Gem and Jewellery Stocks, Viz., Gold, Silver, Diamond, Precious & Semi-Precious Stones of Gem and Jewellery Exporters – Clarification Reg

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..... ery Stocks, Viz., Gold, Silver, Diamond, Precious Semi-Precious Stones of Gem and Jewellery Exporters - Clarification Reg. I am directed to invite your attention on the above-mentioned subject and to state that representations have been received from trade and industry as also the Ministry of Commerce highlighting the hardships being faced by the exporters of Gem Jewellery on account of seizu .....

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..... bank finance and any long duration seizures of stock in trade, make exporters default in their payment commitments to the banks, which in turn may make bankers become very cautious in their extending credit to this important export oriented sector. 2. The matter has been examined by the Board. Considering Government's emphasis on export promotion, it has been decided that seizure of gem and jewe .....

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..... in seven days after completing due formalities for proper safeguard of revenue interests. In such cases, a detailed report may be sent to the Ministry explaining the reasons for seizure of goods including reasons fro non-release thereof. This would enable the Ministry to examine the case in proper perspective and take a fair view of things. 3. Kindly acknowledge receipt of this Circular. Difficu .....

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