Duty free precious metal supply - Nominated agencies must bond imports, maintain segregated vaults and report exporter compliance. Nominated agencies may import precious metal duty free for warehousing in licensed bonded vaults, subject to furnishing a bond (general or revolving) and, except where exempted, a bank guarantee tied to estimated monthly duty. Agencies must keep export designated stocks segregated, maintain exporter wise day to day accounts, submit consolidated monthly statements of releases and duty at the effective rate, and obtain exporter proof of export (shipping bill EP copy and bank realisation certificate). If proof is not produced within the prescribed period, the agency must deposit duty on unexported metal within seven days and report defaults to the Commissioner.
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Provisions expressly mentioned in the judgment/order text.
Duty free precious metal supply - Nominated agencies must bond imports, maintain segregated vaults and report exporter compliance.
Nominated agencies may import precious metal duty free for warehousing in licensed bonded vaults, subject to furnishing a bond (general or revolving) and, except where exempted, a bank guarantee tied to estimated monthly duty. Agencies must keep export designated stocks segregated, maintain exporter wise day to day accounts, submit consolidated monthly statements of releases and duty at the effective rate, and obtain exporter proof of export (shipping bill EP copy and bank realisation certificate). If proof is not produced within the prescribed period, the agency must deposit duty on unexported metal within seven days and report defaults to the Commissioner.
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