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of <h1>Bank Guarantees for Silver Imports Now Based on Effective Duty Rate of Rs. 500/kg, per Notification No. 80/97-Cus.</h1> The circular addresses the calculation of bank guarantees for importing silver under the 'Export Against Supply by Foreign Buyer' scheme. Previously, importers were required to furnish guarantees based on the tariff rate of duty applicable to silver. The Board has clarified that the bank guarantee should be calculated using the effective duty rate of Rs. 500 per kg, applicable to nominated agencies under notification No. 80/97-Cus. This amendment aims to reduce transaction costs for exports. The earlier circular No. 36/2002-Cus. is amended accordingly, and public notice is advised for widespread awareness.
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