Warehousing restriction for duty-free precious metals: imports must clear for home consumption and follow bond and guarantee-based supply procedure. Precious metals imported duty free under the nominated agencies scheme are not to be warehoused under Chapter IX and must be cleared for home consumption; nominated agencies must execute bonds to maintain accounts and to discharge duty if exporters default, accompanied by a bank guarantee equal to 25% of estimated duty (with specified exemptions for designated banks and certain public undertakings). Exporters must register and provide undertakings or declarations and proof of export; nominated agencies must submit exporter wise monthly accounts and deposit duty on quantities not exported within the Foreign Trade Policy period.
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Provisions expressly mentioned in the judgment/order text.
Warehousing restriction for duty-free precious metals: imports must clear for home consumption and follow bond and guarantee-based supply procedure.
Precious metals imported duty free under the nominated agencies scheme are not to be warehoused under Chapter IX and must be cleared for home consumption; nominated agencies must execute bonds to maintain accounts and to discharge duty if exporters default, accompanied by a bank guarantee equal to 25% of estimated duty (with specified exemptions for designated banks and certain public undertakings). Exporters must register and provide undertakings or declarations and proof of export; nominated agencies must submit exporter wise monthly accounts and deposit duty on quantities not exported within the Foreign Trade Policy period.
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