GOVERNMENT OF INDIA
DEPARTMENT OF COMMERCE
DIRECTORATE GENERAL OF FOREIGN TRADE
UDYOG BHAWAN, NEW DELHI – 110 011
Policy Circular No. 77 (RE-2008)/2004-2009
Dated: 31st March, ’09.
To
All Regional Authorities;
All Commissioners of Customs;
Exporting Community
Subject:- Guidelines for import of Precious Metal by the Nominated agencies -
regarding.
Attention is invited to Notification No. 88 dated 26.2.2009 wherein additional
Nominated Agencies had been notified under Paragraph 4A.4 of FTP for the purpose
of direct 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 Council (G&JEPC);
(j) Premier Trading Houses; &
(k) Star Trading Houses (only for Gems & Jewellery Sector).
2. 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. RA, in turn, shall issue a Certificate to the Status
Certificate Holder in the format appended to this Policy Circular as Annexure I.
This Certificate shall be valid for one year starting from 1st Day of the
Financial Year of filing application. This Certificate shall be renewed every
year based on the validity of the Status Certificate and the performance of the
Nominated Agency on annual basis.
3. Monitoring Mechanism:- The following guidelines for monitoring the import of
precious metal and its distribution and / or own use by the Nominated Agencies
(other than the designated banks nominated by RBI) :
(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 as per the format appended to this Policy Circular as Annexure II.
(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.
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 issues with the approval of Competent Authority.
(C. Gangadharan)
DY. DIRECTOR GENERAL OF FOREIGN TRADE
Tel: 011-23061562 (Ext-250)
E-mail: [email protected]
(Issued from F.No. 01/94/180/1060 /AM09/PC-4)
ANNEXURE I
Appended to Policy Circular No. 77 dated 31.3.09.
This is to certify that M/s _______________________, holder of a Valid
_____________ (mention the category of Status certificate Holder) Certificate
bearing Number _____________________Dated__________ issued by Regional Authority
_________ (Mention the name of the Regional Authority) and having Importer -
Exporter Code Number ________________, has been designated as Nominated Agency
under Paragraph 4A.4 of Foreign Trade Policy (RE 2008), as amended from time to
time for the purpose of Direct Import of Precious Metal. This is subject to
provisions of FTP and the Procedure laid thereunder, RBI Guidelines and the
Customs Rules and Regulations.
This permission shall be valid from ________________to ______________ (Mention
specific Date).
Name of RA:
Date:
( S I G N A T U R E )
Asstt. Director General of Foreign Trade /
Foreign Trade Development Officer
( OFFICE SEAL )
ANNEXURE II
Appended to Policy Circular No. 77 dated 31.3.09.
Statement of Precious Metal imported during the month ended ……………………..
Name of the Nominated Agency (Other than Designated Banks)in terms of paragraph
4A.4 of FTP:
Date of Statement:
Name of Precious Metal: Gold / Silver / Platinum (Strike which is not
applicable)
| | Number of Transaction |
Value of Gold Imported |
Quantity of Gold Imported |
| (US D million) |
(Rs. Crore) |
| |
| Sl. No. | Mode of Import |
| | |
| |
| (i) | Delivery Against Payment Basis |
| | |
| |
| (ii) | Supplier’s Credit Basis |
| | |
| |
| (iii) | Consignment Basis |
| | |
| |
| (iv) | Unfixed Price Basis |
| | |
| |
1. Full details of transactions may be provided in cases where the number of
transactions in respect of a single importer exceeds ten transactions in a month
or the aggregate value of imports exceeds US Dollar 50 million.
2. Details of EOUs / Units in SEZ and Nominated Agencies should be given
separately.
3. Separate statement in the aforesaid format shall also be furnished for other
precious metal as well (i.e. silver, platinum etc.).
4. Nominated Agencies may refer the RBI Guidelines as stated in A.P. (DIR
Series) Circular No. 2 Dated July 9, 2004, Paragraph B 15 of part III of Master
Circular of RBI, as amended from time to time.