Guidelines for import of Precious Metal by the Nominated agencies - regarding.

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....import of precious metal for making it available to all concerned, in particular, the exporting community requiring precious metal for manufacture of its product. In terms of Paragraph 4A.4 of FTP, at present, the following agencies / entities are entitled for direct import of precious metal I. Designated Banks notified by RBI; II. Agencies / entities notified by Department of Commerce; (a) MMTC Limited; (b) State Trading Corporation (STC); (c) The Projects & Equipment Corporation of India Limited; (d) Handicraft and Handloom Export Corporation (HHEC); (e) EOU and SEZ Gems & Jewellery Units for their own consumption; (f) STCL Limited; (g) MSTC Limited; (h) Diamond India Limited (DIL); (i) Gems & Jewellery Export Promotion Counci....

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....n, shall compile the figures and forward it to DGFT (Hdqrs.) by 15th of the subsequent month; (c) At least 10% of the imports of each entity shall be supplied to the exporters; (d) Performance to be reviewed on annual basis. 4. The Policy and Procedure for import of precious metal shall be as per the guidelines stated in Foreign Trade Policy (FTP) and the relevant RBI Guidelines. 5. Clearance of import consignment shall be allowed by the Customs Authority as per the Procedure laid down by them for the Nominated Agencies by way of Customs Notification and / or Circular issued by them from time to time. 6. Any difficulty in operation of the aforesaid provisions shall be brought to the notice of this Directorate immediately. This issu....