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Duty Exemption scheme - Gold by MMTC for sale/ loan to jewellery exporters - Procedure Notified
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....dures - Reg. Under para 88 of the EXIM Policy read with the various relevant customs exemption notification (Nos. 177/ 94, 3/88, 277/90 and 144 /93) MMTC / SSI / STC / HHEC are authorised to import gold and sell/ lend the same to actual users in the various EPZs or to exporters in the EOU / DTA sector, with an export obligation imposed thereon. Currently, it is reported that the procedure is th....
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....may be allowed to open private bonded warehouses, subject to the observance of the Board's existing instructions on setting up such warehouses, wherein the imported gold would be kept by MMTC in bond; (b) Clearance from the said bonded warehouse may be taken by all categories of manufacturer - exporters covered by these exemption schemes by filling ex-bond Bills of Entry in their own ....
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.... a complete account of gold received and kept by them in bond. In their capacity as a bounder, they will also maintain the prescribed records, including the name, address and other specified details of exporters and the quantity of gold released to and exported by each exporter. They would also keep the Customs authorities informed of any exports which are due but have not taken place within the p....
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....n of proof of exports, the corresponding guarantee may be recreated to the exporter's account and may be allowed to be used for the subsequent ex-bond clearances provided the validity period of the bond and the bank guarantee so permits. However, in the event of the exporter failing to produce proof of export on the expiry of the prescribed period, the Asstt. Commissioner may proceed to recove....