Foreign Trade Policy: Gold loan can be repaid within 180 days instead of 60 days now

By Vijay Kumar

With so much happening in Income Tax is any one interested in what’s happening elsewhere? The DGFT has come up with a small concession for exporters of gold jewellery. As per 4.77 of the Handbook, exporters can obtain gold on loan basis and the exporters have the flexibility to fix the price and repay the loan within sixty days from the date of export. Now the sixty days limit is extended to 180 days. DGFT PUBLIC NOTICE NO 28 / 2004-09 Dated: December 1, 2004

There are few greater stimuli to human ingenuity than the prospect of avoiding fiscal liability. Experience shows that under this stimulus human ingenuity outreaches Parliamentary prescience.

Lord Justice Diplock

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