Foreign Trade Procedures 2008-2009 - Directorate General of ...
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Foreign Trade Procedures 2008-2009 - Directorate General of ...

Foreign Trade Procedures 2008-2009 - Directorate General of ... Foreign Trade Procedures 2008-2009 - Directorate General of ...

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ate that he may have booked with buyer. Nominated agenciesshall purchase precious metal on behalf of exporter at the rate sofixed and thereafter issue a purchase certificate bearing a serialnumber to exporter indicating quantity of gold / silver / platinumand CIF value, in dollars including the Rupee equivalent. Priceshall be actual price at which gold / silver / platinum is purchasedby nominated agencies, plus permitted service charges levied bynominated agencies shall be included with the price of gold /silver / platinum for value addition. Duplicate and triplicatecopies of exporter’s application, together with copies of purchasecertificate for exporter shall be sent by nominated agencies toconcerned Custom House, as well as to the negotiating bank,who will confirm realization at which gold has been purchased.Exporter exporting under notional rate will get replenishment onlyafter proceeds are realised.4A.21.3Exports shall be effected within a period of 120 days from date ofbooking and drawal of precious metal shall be completed within aperiod of 150 days from date of booking, or within 30 days fromdate of export, whichever is later.Outright Purchase 4A.22 Exporter may obtain required quantity of precious metal in advanceBasis in Advanceon outright purchase basis subject to furnishing of BG / LUT tonominated agencies, for an amount as may be prescribed bynominated agency. On failure to effect exports within periodprescribed, the nominated agencies shall enforce BG / LUT, asthe case may be.4A.22.1Exports shall be effected within a maximum period of 90 daysfrom date of outright purchase of precious metal.Loan Basis 4A.23 Exporter may obtain required quantity of precious metal on loanbasis subject to furnishing of BG / LUT, for customs duty tonominated agencies, for an amount as may be prescribed bynominated agencies. On failure to effect exports within periodprescribed, the nominated agencies shall enforce the BG / LUT.4A.23.14A.23.24A.23.3Exporter has to pay interest on gold taken on loan basis at therate as may be specified.Export has to be completed within a maximum period of 90 daysfrom date of release of gold on loan basis. No extension forfulfillment of EO shall be allowed.Exporter shall be permitted to export jewellery on the basis of anotional rate certificate to be issued by nominated agency / GJEPC.This rate will be based on prevailing Gold/USD rate and the USD/INR rate in notional rate certificate. Certificate issued by nominated88

agency / GJEPC should not be older than 7 working days of dateof shipment.Value addition will have to be achieved on rate as may be gotfixed with buyer and Nominated Agency.Exporter shall have flexibility to fix the price and repay Gold Loanwithin 180 days from date of export. This price shall becommunicated to nominated agencies who will issue a certificateshowing final confirmation of the rate to the bank negotiatingdocuments, to ensure export proceeds are realized at this rate.4A.24 Nominated agencies may accept payment in dollars towards costof import of precious metal from EEFC account of exporter.Exports against 4A.25 Procedure applicable to Advance Authorisations under ChapterAdvance Authorisation4 of HBP v1 shall generally apply to this scheme except norms forvalue addition, EO period and regularization of default.4A.25.14A.25.2EO will be required to be fulfilled within 120 days from date ofimport of each consignment against Authorisation. However EOperiod shall be 180 days from date of import of findings, mountingsmade of gold, platinum and silver and export of jewellery. Nofurther extension in EO period will be allowed. AdvanceAuthorisation holder may also import gold as replenishment aftercompletion of exports.Advance Authorisation holder may obtain gold / silver / platinumfrom nominated agencies in lieu of direct imports. In such a case,nominated agency shall make, both exchange control copy andcustoms purpose copy of Authorisation invalid for direct imports.Diamond Imprest 4A.26 Deleted.AuthorisationApplication 4A.26.1 Deleted.Export Obligation 4A.26.2 Deleted.Regularistion of 4A.27 Cases of bonafide default in fulfillment of EO by an exporter whoBonafide Defaulthas obtained precious metals from nominated agencies may beregularised provided exporter has paid customs duty alongwithinterest thereon as notified to Customs. However, in case ofAdvance Authorisation, the provisions as given in paragraph 4.28above shall apply. This shall be without prejudice to any actionthat may be taken against exporter under FT(D&R) Act, Orderor Rules issued thereunder’.89

ate that he may have booked with buyer. Nominated agenciesshall purchase precious metal on behalf <strong>of</strong> exporter at the rate s<strong>of</strong>ixed and thereafter issue a purchase certificate bearing a serialnumber to exporter indicating quantity <strong>of</strong> gold / silver / platinumand CIF value, in dollars including the Rupee equivalent. Priceshall be actual price at which gold / silver / platinum is purchasedby nominated agencies, plus permitted service charges levied bynominated agencies shall be included with the price <strong>of</strong> gold /silver / platinum for value addition. Duplicate and triplicatecopies <strong>of</strong> exporter’s application, together with copies <strong>of</strong> purchasecertificate for exporter shall be sent by nominated agencies toconcerned Custom House, as well as to the negotiating bank,who will confirm realization at which gold has been purchased.Exporter exporting under notional rate will get replenishment onlyafter proceeds are realised.4A.21.3Exports shall be effected within a period <strong>of</strong> 120 days from date <strong>of</strong>booking and drawal <strong>of</strong> precious metal shall be completed within aperiod <strong>of</strong> 150 days from date <strong>of</strong> booking, or within 30 days fromdate <strong>of</strong> export, whichever is later.Outright Purchase 4A.22 Exporter may obtain required quantity <strong>of</strong> precious metal in advanceBasis in Advanceon outright purchase basis subject to furnishing <strong>of</strong> BG / LUT tonominated agencies, for an amount as may be prescribed bynominated agency. On failure to effect exports within periodprescribed, the nominated agencies shall enforce BG / LUT, asthe case may be.4A.22.1Exports shall be effected within a maximum period <strong>of</strong> 90 daysfrom date <strong>of</strong> outright purchase <strong>of</strong> precious metal.Loan Basis 4A.23 Exporter may obtain required quantity <strong>of</strong> precious metal on loanbasis subject to furnishing <strong>of</strong> BG / LUT, for customs duty tonominated agencies, for an amount as may be prescribed bynominated agencies. On failure to effect exports within periodprescribed, the nominated agencies shall enforce the BG / LUT.4A.23.14A.23.24A.23.3Exporter has to pay interest on gold taken on loan basis at therate as may be specified.Export has to be completed within a maximum period <strong>of</strong> 90 daysfrom date <strong>of</strong> release <strong>of</strong> gold on loan basis. No extension forfulfillment <strong>of</strong> EO shall be allowed.Exporter shall be permitted to export jewellery on the basis <strong>of</strong> anotional rate certificate to be issued by nominated agency / GJEPC.This rate will be based on prevailing Gold/USD rate and the USD/INR rate in notional rate certificate. Certificate issued by nominated88

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