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of <h1>New Circular Simplifies Gold, Silver, Platinum Import Procedures for Nominated Agencies; Emphasizes Compliance and Reporting Requirements.</h1> The circular outlines procedures for nominated agencies importing gold, silver, or platinum under the 'Export Against Supply by Nominated Agencies' scheme. It rescinds previous guidelines and introduces a new simplified procedure. Nominated agencies must execute a bond and furnish a bank guarantee for duty-free imports, except for certain exempted banks. Exporters must register with customs and provide proof of export within specified timelines. The circular emphasizes duty deferment, storage regulations, and compliance with the Foreign Trade Policy. It also mandates monthly reporting by agencies and outlines penalties for non-compliance with export obligations.
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