9911796707
TMI Blog2024 (9) TMI 1261X X X X Extracts X X X X X X X X Extracts X X X X ..... ntee to the extent of 10% of the value of Platinum Ingots imported by petitioner and covered under 19 bills of entry filed between 9th July 2024 to 12th July 2024, while granting the permission for re-export of the said Platinum Ingots. 2. In the affidavit in reply filed through one Sruti Vijayakumar affirmed on 16th September 2024, it is respondent's case that for consignments covered by 19 bills of entry are concerned, the following conditions are to be fulfilled :- (a) An alloy containing 2% or more, by weight, of platinum is to be treated as an alloy of platinum. (b) Origin Criteria under Product Specific Rule i.e. Customs Tariff Sub-heading (CTSH) and 3% Value addition for non-originating goods should be met. 3. Respondent has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eria. The criteria of value addition is also required to be fulfilled. 11. The process described in the documents submitted by the Petitioner themselves shows that the process of manufacture of the imported Platinum Alloy was as simple as simple melting together of three different metals and casting them in the form of ingots. There is no other process applied than simple melting together. Therefore, the value addition of 3% shown to have been achieved appeared very high. It would be easy to appreciate if the same is demonstrated in absolute terms. In Bill of Entry No. 4431079 dated 10.07.2024 the Petitioner has imported 112 kg Platinum alloy valued at Rs. 67.15 crores. Considering the fact that Rs 67.15 crores is inclusive of value addi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the conditions placed in the impugned communication dated 14th August 2024. Mr. Shah states that a bond to the extent full value of the goods will be furnished by petitioner and in addition, a suitable bank guarantee to the extent of 10% of the value of the goods would also be submitted. Bank guarantee to be given shall be of a Scheduled Bank. Statement accepted as an undertaking to the Court. The wordings shall be in the format prescribed by the department. Bank guarantee shall be either one comprehensive bank guarantee or in such number as petitioner may consider it appropriate. The bank guarantee shall be valid initially upto 31st December 2024. 6. Upon furnishing the bank guarantee, respondents shall forthwith permit re-export of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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