Gem & Jewellery EP schemes - Customs Procedure for Import by Nominated Agencies Notified

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.... procedure to be followed by the Nominated Agencies for supplying duty free gold to exporters under various schemes under the EXIM Policy, 1997-2002. In addition to MMTC, SBI, STC, HHEC, PEC, the RBI have authorised a number of banks to import duty free gold for its supply to exporters, (hereinafter the above said agencies have been referred to as the 'Nominated Agencies'). The Nominated Agencies have brought out their difficulties in following of the procedures prescribed under the above circulars and requested for modification of the same. The Ministry of Commerce (MOC) and GEM & Jewellery Export Promotion Council (GJEPC) have also expressed that the procedure eventually results into declaration of exports. The different problems raised b....

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....egregated from the quantities imported for domestic consumption on payment of duty; (vii) The Nominated Agencies shall be exempt from following the double lock system and physical presence of the Bond Officer will not be required for bonding or exbonding the goods. No cost recovery charges would be payable by the Nominated Agencies. (viii) The Nominated Agencies shall be liable for surprise audit or checks by the Customs Officers. The Commissioner should devise a system of random audit at least once in 6 months initially and once in a year subsequently. (ix) The exporters intending to receive gold from the Nominated Agencies will register themselves with their jurisdictional Asstt. Commissioners who will issue them a one-time Certific....

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....herever such proof of export is not produced within the period prescribed in the EXIM Policy the Nominated Agencies, shall (without waiting for its recovery from the exporter) deposit the amount of duty calculated at the effective rate leviable on the quantity gold/silver not exported within 7 days of expiry of the period within which the jewellery manufactured out of the said gold/silver was supposed to be exported. The duty so paid by the Nominated Agency shall be reflected in the monthly statement prescribed in para (x) above. The Nominated Agencies will settle their claim with the exporter at their own level; (xiv) The Nominated Agencies shall report the cases of failure to export the jewellery made out of gold/silver released to the ....