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November 2012

A. P. (DIR Series) Circular No. 34 dated 24th September, 2012

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Foreign Exchange Management Act, 1999 – Import of gold in any form including jewellery made of gold/ precious metals or/and studded with diamonds/semi precious/precious stones – clarification

This circular clarifies that trade credit way of Suppliers’/ Buyers’ credit, including the usance period of Letters of Credit, for import of gold in any form including jewellery made of gold/precious metals or /and studded with diamonds/semi-precious /precious stones must not exceed 90 days, from the date of shipment.

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