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of <h1>Seven Banks Approved for Gold, Silver, Platinum Imports Under Jewellery Export Rules with Vault Use Allowed</h1> The circular authorizes seven banks as nominated agencies for importing gold, silver, and platinum under jewellery export promotion schemes, allowing them to use their own vaults instead of separate bonded warehouses, subject to annual surprise stock checks. Each bank branch must obtain licenses and bonds under relevant customs sections, with bonds covering duty liabilities but without requiring separate bank guarantees or insurance. Exporters clear metals through banks against bonds and guarantees, with running accounts maintained for customs correlation. Under the replenishment scheme, exporters may receive metals without filing export bonds. Importers opting out of bonded warehouse procedures may follow conditions under a prior notification. Banks must notify customs upon export period expiry, and customs officials are directed to recover duties and encash guarantees if exports are not completed as required.
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