Import procedure for nominated agencies: bonded vault storage with bond security, exporter registration, monthly reporting and duty safeguards. Nominated Agencies may import gold, silver and platinum into licensed bonded vaults on furnishing a bond to account for warehoused metal and to meet duty liability if export obligations are unmet. Agencies may use general or revolving bonds, are exempt from separate bank guarantees and double lock requirements, must segregate duty free and duty paid stocks, permit co storage with segregation, and remain subject to random audits. Exporters must register and produce a certificate or declaration; agencies submit consolidated monthly exporter wise statements and must deposit duty for unexported quantities promptly and report failures to the Customs Commissioner.
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Provisions expressly mentioned in the judgment/order text.
Import procedure for nominated agencies: bonded vault storage with bond security, exporter registration, monthly reporting and duty safeguards.
Nominated Agencies may import gold, silver and platinum into licensed bonded vaults on furnishing a bond to account for warehoused metal and to meet duty liability if export obligations are unmet. Agencies may use general or revolving bonds, are exempt from separate bank guarantees and double lock requirements, must segregate duty free and duty paid stocks, permit co storage with segregation, and remain subject to random audits. Exporters must register and produce a certificate or declaration; agencies submit consolidated monthly exporter wise statements and must deposit duty for unexported quantities promptly and report failures to the Customs Commissioner.
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