FTP - Consolidated Guidelines for import of precious metal, Issued
DGFT has issued consolidated guidelines on import of precious metal by the nominated agencies and the system of monitoring.
For the Premier Trading Houses and the Star Trading Houses (only for Gems & Jewellery exporters), the Certificate Holder shall be required to request to the concerned Regional Authority (RA) (who had issued the Status Certificate / the Registered office is located) enclosing therewith a self-attested copy of the valid Status Certificate.
Monitoring Mechanism:- The following guidelines for monitoring the import of precious metal and its distribution and / or own use by the Nominated Agencies will be observed (other than the designated banks nominated by RBI):
a) All these Nominated agencies are 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) All the Nominated Agencies shall {other than the Premier Trading Houses and Star Trading Houses(only for Gems & Jewellery exporters)} file a half yearly return to the Gems & Jewellery EPC Registered Office at Mumbai, G&J EPC. The Premier Trading Houses and the Star Trading Houses (only for Gems & Jewellery exporters) shall file this return to the concerned RA which has issued the Certificate. These returns shall be filed within 15 days from the period of reporting.
c) G&J EPC and the concerned RA shall compile the figures and forward it to DGFT (Hqrs.) by 15 th of the subsequent month. G&J EPC and concerned RA will also inform DGFT which agency has not filed the return, so that appropriate action for delisting of the agency can be taken.
d) The performance of these agencies will be reviewed on annual basis by DGFT (HQs) in consultation with G&J EPC.
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.;
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.
DGFT Policy Circular No. 39/(RE-2010)/2009-14, Dated: August 19, 2011