Revolving bank guarantee permitted for import of precious metals where export obligations are met and proceeds realised. Bank guarantees furnished for duty free import of gold, silver, platinum and related items may be reused for subsequent consignments where the importer has fulfilled export obligations and export proceeds for earlier consignments have been realized; the guarantee must be sufficient to cover the duty involved and remain valid for an adequate period with a self renewal provision, and field formations must ensure continued validity until proceeds are realised.
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Provisions expressly mentioned in the judgment/order text.
Revolving bank guarantee permitted for import of precious metals where export obligations are met and proceeds realised.
Bank guarantees furnished for duty free import of gold, silver, platinum and related items may be reused for subsequent consignments where the importer has fulfilled export obligations and export proceeds for earlier consignments have been realized; the guarantee must be sufficient to cover the duty involved and remain valid for an adequate period with a self renewal provision, and field formations must ensure continued validity until proceeds are realised.
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