Guidelines for import of Precious Metal by the Nominated agencies – DGFT clarification
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 Council (G&JEPC);
(j) Premier Trading Houses; &
(k) Star Trading Houses (only for Gems & Jewellery Sector).
Guidelines for monitoring the import of precious metal and its distribution and/or own use
(a) All these Nominated agencies shall be required to maintain records of imports of precious metal (both quantity and value) and its distribution for the purpose of exports of value added product as well as for the purpose of domestic consumption.
(b) Periodic filing of returns on monthly basis to the Gems & Jewellery EPC Registered Office at Mumbai. G&J EPC, in turn, 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.
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. WILL THEY?
DGFT POLICY CIRCULAR NO. 77 (RE-2008)/2004-2009, Dated: March 31, 2009