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February 2014

A. P. (DIR Series) Circular No. 82 dated December 31, 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 that: –

1. Refineries are allowed to import dore up to 15% of their gross average viable quantity based on their license entitlement in the first two months for making this available to the exporters on First in First out (FIFO) basis. Thereafter, the quantum of gold dore to be imported has to be determined lot-wise on the basis of export performance.

2. Before the next import, not more than 80% can be sold domestically.

3. The dore so imported must be refined and must be released on FIFO basis following the 20:80 principle.

4. Subsequent imports will be allowed only up to 5 times the quantum for which proof of export has been submitted and this will be on accrual basis.

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