MEASURES BY INDIA TO FACILITATE INTERNATIONAL TRADE IN GOLD,SILVER AND, PLATINUM


Dated 26th February 2013

By CIRCULAR NO 30/2013-Cus, Dated : January 31, 2013,CBEC,GOVERNMENT OF INDIA has introduced the adoption of Single Revolving Bank Guarantee for Different Transactions for Import of Silver or Gold or Platinum.
BACKGROUND:
Notification No. 56/2000-Cus dated 05.05.2000, as amended, exempts gold/silver/platinum, alloys, findings and mountings of gold/silver/platinum and plain semi-finished gold/silver/platinum jewellery falling within Chapter 71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India by, inter alia , status holders, or exporters of three years’ standing having an annual average turnover of five crore rupees during the preceding three licensing years under the scheme for ‘Export Against Supply by Foreign Buyer’ as referred to in paragraph 4A.8 of the Foreign Trade Policy, from the whole of the duty of customs leviable under the First Schedule to the Customs Tariff Act, and from the whole of the additional duty leviable under section 3 of the said Tariff Act, subject to the conditions specified in the said notification. Duty free import is allowed for manufacturing and export of gold/silver/platinum jewellery or articles as laid down in the said notification subject to furnishing a Bond of an appropriate amount and Bank Guarantee for a sum equivalent to one and half times of the Customs duty leviable on the said goods imported. After considering the representations from the trade & industry, it has been decided by the CBEC that the Bank Guarantee furnished by the importer can be used for subsequent consignments, if the importer has fulfilled the export obligation and export proceeds realized in respect of the earlier consignments. The bank guarantee may be so used for subsequent import consignments, provided it is sufficient to cover the duty involved and has validity for sufficient time period with self-renewal in-built provision. The field formations need to take care to ensure that the Bank Guarantee remains valid till the export proceeds are realised.

SOURCE: GOVT. OF INDIA, Ministry of Finance

 

Advertisements

About neeraj prasad

contact me on neeraj001@gmail.com if you wish to have any clarification !!
This entry was posted in CBEC Customs. Bookmark the permalink.

One Response to MEASURES BY INDIA TO FACILITATE INTERNATIONAL TRADE IN GOLD,SILVER AND, PLATINUM

  1. Mohamed Tuary says:

    we are looking for Gold and diamond buyer , contact us more details skype : africatradinglink or jvp20190@gmail.com

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s