IS THERE ANY RESTRICTION IN CUSTOMS LAW/ EXCISE LAW/FOREIGN TRADE POLICY OR PROCEDURE IN TRANSFER OF GOLD PROCURED FROM NOMINATED AGENCIES AS ADVANCE PROCUREMENT
(PRIOR TO EXPORT) OR REPLISHMENT BASIS (AFTER EXPORT) TO UNITS FOR JOB WORK WHICH ARE ENJOYING AREA BASED EXEMPTIONS LIKE UNITS IN JAMMU AND KAHSMIR ETC.
IF YES,
PLEASE ADVISE WHETHER SUCH RESTRICTIONS PERTAIN
A) ADVANCE PROCUREMENT OF GOLD FROM NOMINATED AGENCIES OR
B) GOLD PROCURED ON REPLINSHMENT BASIS OR
C) BOTH
BEST REGARDS
ARUN
Clarification on Gold Transfer Restrictions: Duty-Free Import Not Available for Gems & Jewellery Sector Per Foreign Trade Policy. A discussion on a forum addresses whether there are restrictions under customs law, excise law, or foreign trade policy on transferring gold procured from nominated agencies to units with area-based exemptions, such as those in Jammu and Kashmir. The inquiry seeks clarification on whether restrictions apply to advance procurement, replenishment, or both. A response clarifies that the Duty-Free Import Authorisation scheme is not available for the Gems and Jewellery sector, meaning gold cannot be imported duty-free. Instead, gold must be procured from nominated agencies for exportation with value addition, as outlined in the foreign trade policy and handbook of procedure. (AI Summary)
TaxTMI 
TaxTMI 
