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The Central Board of Excise and Customs Directorate General of Export Promotion under the Ministry of Finance, Government of India on 4th September 2013 notified regarding the procedure to be followed by the agencies for supply of duty-free gold to the exporters. The fresh guidelines were issued after the Board’s circular in the year 2009. The circular issued by it in 2013 shall supersede the one of 2009 in respect of gold import. However, the import of silver and platinum will continue to be governed by the 2009 customs circular.
The entities notified by the Directorate General of Foreign Trade (DGFT) that will be permitted to import gold as per the RBI circular are as follows-
The import of gold by the aforementioned agencies shall be subject to the following conditions:
The prescribed procedure for import of gold is as follows-
Under Rule 29(5) of the SEZ Rules, the SEZ may import precious goods (Gold, silver, platinum or gems and Jewellery) as personal baggage through an authorized passenger in the following way-
The SEZ units have a benefit of zero gold import duty; therefore, they are able to increase gold jewellery export phenomenally. The import of gold in DTA attracts 10% customs duty, and additionally, the exporter and jewellery manufactures have to pay GST as well. However, jewellery exported from DTA is non-competitive, whereas jewellery exported from SEZ shall withstand international competition because of its zero duty structure.
Also, Read: How to Setup an Import Export Business in India: A Guide for Entrepreneurs.
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