Jewellery EP Schemes - Relaxations for Banks, Bond Value, etc

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.... Schemes -Clarifications further to Circular No. 27/97-Cus. dated 8.7.97 I am directed to enclose RBL's letter IBS No. 452/ 23.67.002/ 97-98 dt. 30.8.97 authorising seven Banks as the Nominated Agencies for the import of Precious Metals under various, jewellery Export Promotion Schemes as per the EXIM Policy 1997-2002. For supply of metals for export manufacture under these Schemes, the Board....

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....may be decided at the level of Deputy commissioner and such verification shall not be less than once a year. 3. The banks may operate the facility at more than one branch. The storage space (vault) in each branch will be licenced by respective jurisdictional Commissioner under Section 58. 4. For each branch separate Bonds under Section 59 for ware housing and transit bond for the goods in transi....

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....ters would take clearance from the bank against their own bond and bank guarantee. Running bond account of the exporters may be maintained by Asst. Commissioner of Customs, when asked for, exporter wise and bank wise for ease of correlation. 8. In addition to bond, some Commissioners are asking for insurance cover on the stocks. It is clarified that once the bond is taken, separate insurance cove....