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of <h1>Bank Guarantee for Gold Imports Revised: Calculate at Rs. 250 per 10g Duty Rate, Not Tariff Rate.</h1> The circular clarifies the bank guarantee requirements for the 'Export Against Supply by Foreign Buyer' scheme, which allows import of gold, silver, and platinum without duty for jewelry manufacturing and export. It addresses concerns raised by the Gem and Jewellery Export Promotion Council about calculating bank guarantees based on the tariff rate rather than the effective duty rate applicable to nominated agencies. To reduce export transaction costs, it is decided that the bank guarantee for gold imports under the scheme should be calculated at the duty rate of Rs. 250 per 10 grams, as per notification No.80/97-Cus. Public notice of this decision is advised.
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