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TMI BlogImport of Gold and Gold Dore Bars- Procedure and GuidelinesX X X X Extracts X X X X X X X X Extracts X X X X ..... rporation (STC) iv. Project and Equipment Corporation of India Ltd. (PEC); v. STCL Ltd; vi. MSTC Ltd; vii. Diamond India Limited (DIL); viii. Gems & Jewellery Export Promotion Council (G&J EPC) ix. A Star Trading House (only for Gems & Jewellery sector) or a Premier Trading House under paragraph 3.10.2 of Foreign Trade Policy; and x. Any other agency authorized by Reserve Bank of India (RBI). 3. Import of gold by the banks/agencies/entities specified in para 2 above, (i.e., Nominated Agencies), shall be subject to the following: a. Import of gold in the form of coins and medallions is prohibited. b. It shall be incumbent on the nominated banks/agencies/entities to ensure that at least one fifth, i.e., 20%, of every lot of import of gold imported to the country is exclusively made available for the purpose of exports and the balance for domestic use. A working example of the operations of the 20/80 scheme is given in the Annexure to the RBI Circular dated 14.8.2013, as revised. c. Entities/units in the SEZ and EOUs, Premier and Star Trading Houses shall be permitted to import gold exclusively for the purpose of exports only and these entities shall not be permitted to cle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entity has not been served with a show cause notice or no demand confirmed against it, during the preceding 3 years, for violations involving fraud or collusion or any willful misstatement or suppression of facts under relevant provisions of the Customs Act 1962, the Central Excise Act 1944, the Finance Act 1994 covering Service Tax, the Prevention of Money Laundering Act 2002, the Foreign Trade (Development & Regulation) Act 1992, the Foreign Exchange Management Act 1999 and the Rules made thereunder; vii. The Commissioner of Customs may allow more than one Nominated Agencies to keep their imported goods in the same bonded warehouse provided the quantities are kept segregated and separate accounts are maintained; viii. The Nominated Agencies shall be exempt from following the double lock system. Physical presence of the Bond Officer will not be required for bonding or ex-bonding the goods. No cost recovery charges would be payable by the Nominated Agencies; ix. The Nominated Agencies can be visited by Custom officers for surprise audit or checks. The jurisdictional Commissioner should devise a system of random audit at least once in 3 months during the first year and twice in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tries in the Register in the form prescribed in Annexure-I of the CBEC Circular No. 34/2013 dated 04.09.2013. This register shall be maintained by the customs officer separately for each of the nominated agency importing gold under his/her jurisdiction. Entries in this register will be completed by customs within three days after submission of the consolidated monthly account complete in all respect, by the Nominated agencies as per Annexure A of this Public Notice. xiii. The Nominated Agencies shall also maintain an account of the goods released to the exporters (exporter-wise) on day-to-day basis. This account shall be liable for inspection by any Customs authority as the account of a bonded warehouse; xiv. Proof of export by the exporter shall be furnished in accordance with para 4A.8(a) of HBP V.1, to the nominated agencies as a proof of having exported the jewellery made from the duty free gold released to them within the period prescribed in the Foreign Trade Policy. Following documents are required to be submitted: a. Export Promotion Copy of Shipping Bill in original which will be endorsed by Customs in terms of DGEP clarification vide letter F. No. DGEP/G & J/16/2009 Pt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , exports towards fulfillment of obligation under AA/DFIA scheme shall not qualify as export for the purpose of the scheme of 20:80. 5. For the import of gold dore bars, the following procedure is prescribed: i. Import of gold dore bars shall be permitted only against a license issued by the DGFT; ii. The entity to whom the license has been issued by DGFT, hereinafter referred to as the license-holder, shall be permitted to import gold dore bars subject to the conditions laid down in notification 12/2012-Cus dated 17.3.2012 as amended; iii. The customs officer at the port from where gold dore bars are imported shall ensure that the quantity of gold imported by the license-holder, in the third consignment onwards from the date of notification of the RBI Circular dated 14.08.2013 as revised, does not exceed five times the quantity of gold contained in the exported products for which proof of export in accordance with Para 4A.8 (a) of HBP Volume 1 has been submitted to the customs officer; iv. The customs officer at the port from where gold dore bars are imported shall maintain a license-holder wise record of the gold imported as per Register prescribed in Annexure-II of the CBEC ..... X X X X Extracts X X X X X X X X Extracts X X X X
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