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TMI BlogProcedure to be followed by nominated agencies importing gold/ silver/ platinum under the scheme for 'Export Against Supply by Nominated Agencies'X X X X Extracts X X X X X X X X Extracts X X X X ..... Attention of all the Importers, Warehouse license holders, Customs Brokers and the member of the Trade is invited to the Board's Circular No. 27/ 2016-Customs dated 10.06.2016 on the above mentioned subject. 2. In connection with the changes made to Chapter IX of the Customs Act and Regulations issued there under, requests for clarification have been received from field formations and trade regarding the circulars 28/2009-Cus dated 14.10.2009 / Circular No. 34/2013- Cus. dated 04.09.2013 and warehousing of Gold/ Silver/ Platinum imported by nominated agencies under notification 57/2000-Customs dated 8th May 2000. 3. Circular 28/2009-Cus. lays down the procedure to be followed by the Nominated Agencie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... namely, warehousing of gold/ silver/ platinum imported by nominated agencies for supply to exporters and the procedure for accounting of the same. 6. It is clarified that warehousing is a facility for duty deferment. As per section 2 (14) of the Customs Act, Dutiable goods are defined as any goods which are chargeable to duty and on which duty has not been paid . Chapter IX provides that only dutiable goods may be deposited in a warehouse. Therefore, any exempted goods are not to be warehoused within the meaning of chapter IX of the Customs Act. Accordingly, any gold/ silver/ platinum imported under the notification 57/2000-Cus dated 8th May 2000 must be cleared on a bill of entry for home consumption and not a bill of entry ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er/ platinum by nominated agencies for supply to exporters. The same has now been reviewed by the Board and the following simplified procedure shall henceforth be followed: (i) the Nominated Agencies shall execute a bond to the Deputy/ Assistant Commissioner of Customs binding themselves to, - (a) maintain accounts for the gold/ silver/ platinum imported; and (b) to discharge the duty in the event of the exporter not fulfilling his export obligation within the period prescribed under the foreign trade policy; (ii) For the purpose of para (i) above, the Nominated Agencies may execute a bond for an amount equivalent to the duty involved on the import of a particular consignment, or, a general bond for an amount equivalent to the duty involved ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... undertaking to the effect that he shall export the jewellery made from the gold/ silver/ platinum received from the nominated agency within the period stipulated in the Foreign Trade Policy. (vi) EOUs may submit a self-declaration to the Nominated Agencies stating therein the details of their unit; As per para 6.01 (h) of FTP 2015-20, EOUs shall have to provide proof of export within a period of 90 days from the date on which they are issued the gold imported by nominated agencies. (vii) As far as exporters operating under replenishment scheme are concerned, they may be permitted to receive precious metal from the Nominated Agencies on submission of EP copy of the shipping bill. Nominated agencies shall also monitor the export proceeds rea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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