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Import of Gold by Nominated Banks/Agencies/ Entities
This circular permits with immediate effect: –
A. Star Trading Houses/Premier Trading Houses (STH/ PTH) that are registered as nominated agencies by the Director General of Foreign Trade (DGFT) to import gold under 20:80 scheme. The conditions are: –
i) STH/PTH must have imported gold prior to the introduction of the 20:80 scheme. STH/PTH have to get this import verified by the Department of Customs at any port where they have imported gold consignment in the past.
ii) The first lot of gold under this scheme will be based on the highest monthly import during any of the last 24 months prior to the RBI’s notification dated 14th August, 2013, subject to a maximum of 2,000 kgs.
iii) STH/PTH can import the eligible quantity from any port.
iv) ATH /PTH must submit the import plan, port-wise and quantity-wise, to the concerned Customs office, where the verification of the figures of past performance was done.
v) STH/PTH importers will have to comply with the overall discipline of exporting 20% of each imported consignment before the next consignment is imported.
B. N ominated banks to give Gold Metal Loans (GML) to domestic jewellery manufacturers from the eligible domestic import quota of 80% to the extent of GML outstanding in their books as on 31st March, 2013.
Annexed to this circular is the revised working example of the operations of 20:80 scheme based on the changes announced in this circular.
