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of <h1>Bank Guarantees for Duty-Free Gold Now Limited to 5% of Gold Value Under New Circular</h1> The circular amends previous instructions regarding bank guarantees for duty-free gold supplied by nominated agencies to jewellery exporters. Exporters previously provided bank guarantees based on 10% of the duty calculated at the tariff rate, which was higher than the actual customs duty paid on gold supplied domestically. To alleviate financial difficulties faced by exporters, the Board has decided that bank guarantees should now be limited to 5% of the value of the gold itself, rather than the bond amount or duty calculated at tariff rates. This modification supersedes earlier circular provisions and is effective immediately, with a directive to publicize the change through appropriate notices.
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