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December 2013

A. P. (DIR Series) Circular No. 73 dated 11th November, 2013

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Import of Gold by Nominated Banks/Agencies/ Entities

This circular clarifies the following:

1. Any authorisation such as Advance Authorization (AA)/Duty Free Import Authorization (DFIA) have to be utilised for import of gold meant for export purposes only and no diversion for domestic use will be permitted. However, for any AA/DFIA issued prior to 14th August, 2013 the condition of sequencing the imports prior to exports will not be insisted upon.

2. Entities/units in the SEZ and EOU, Premier and Star Trading Houses (irrespective of whether they are nominated agencies or not) can import gold exclusively for the purpose of exports only.

3. Exports towards fulfillment of obligation under AA/DFIA scheme will not qualify as export for the purpose of the scheme of 20:80.

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A. P. (DIR Series) Circular No. 74 dated 11th November, 2013