New Requirements for Annual Status Certificate for Precious
Metals Importers
·
Quarterly
Reporting Statement and Annual Revenue Mechanism Introduced
·
Customs
and RBI Procedures to Stay
[DGFT Policy Circular
No. 39 dated 19th August 2011]
Subject: Consolidated
Guidelines for import of precious metal by the Nominated Agencies.
Attention is invited to para
4A.4 of the FTP and the DGFT Policy Circular No. 14(RE-2010)/2009-14 dated
1.2.2011. Agencies/ entities notified by the Department of Commerce for import
of precious metal are given in paragraph 4A.4 of FTP.
2. The
consolidated guidelines on import of precious metal by the nominated agencies
and the system of monitoring are issued hereunder:-
(i) For
the Premier Trading Houses and the Star Trading Houses (only for Gems &
Jewellery exporters), the Certificate Holder shall be required to request to
the concerned Regional Authority (RA) (who had issued the Status Certificate /
the Registered office is located) enclosing therewith a self-attested copy of
the valid Status Certificate. RA, in turn, shall issue a Certificate to the
Status Certificate Holder in the format appended to this Policy Circular
as Annexure I. This Certificate shall be valid for one year starting from 1st
day of the Financial Year of filing application. This Certificate shall be
renewed every year based on the validity of the Status Certificate, the
performance of the Nominated Agency on annual basis and their submission of
regular returns prescribed in the following paragraph.
(ii) Monitoring
Mechanism:- The following guidelines for monitoring
the import of precious metal and its distribution and / or own use by the
Nominated Agencies will be observed (other than the designated banks nominated
by RBI) :
(a) All
these Nominated agencies are required to maintain records of imports of
precious metal (both quantity and value) and its distribution for the purpose
of exports of value added product as well as for the purpose of domestic
consumption as per the format appended to this Policy Circular as
Annexure II.
(b) All
the Nominated Agencies shall {other than the Premier Trading Houses and Star Trading
Houses(only for Gems & Jewellery exporters)} file a half yearly return (as
in Annexure II) to the Gems & Jewellery EPC Registered Office at Mumbai,
G&J EPC. The Premier Trading Houses and the Star Trading Houses (only for
Gems & Jewellery exporters) shall file this return to the concerned RA
which has issued the Certificate. These returns shall be filed within 15 days
from the period of reporting.
(c) G&J
EPC and the concerned RA shall compile the figures and forward it to DGFT (Hqrs.) by 15th of the subsequent month. G&J
EPC and concerned RA will also inform DGFT which agency has not filed the
return, so that appropriate action for delisting of the agency can be taken.
(d) The
performance of these agencies will be reviewed on annual basis by DGFT (HQs) in
consultation with G&J EPC.
4. The
Policy and Procedure for import of precious metal shall be as per the
guidelines stated in Foreign Trade Policy (FTP) and the relevant RBI
Guidelines.
5. Clearance
of import consignment shall be allowed by the Customs Authority as per the
Procedure laid down by them for the Nominated Agencies by way of Customs
Notification and / or Circular issued by them from time to time.
6. Since
the Policy Circular No.14 (RE-2010)/2009-14 dated 1.2.2011 had withdrawn all
other Circulars issued earlier on the subject, these guidelines will be
effective from 1.2.2011.
7. Any
difficulty in operation of the aforesaid provisions shall be brought to the
notice of this Directorate immediately.
This issues
with the approval of the Competent Authority.
Annexure I
Appended to Policy Circular No. dated
Certificate for Import of Precious Metal by
Nominated Agencies
This is to certify that M/s ____________, holder of
a Valid __________ (mention the category of Status certificate Holder) Certificate
bearing Number _________Dated________ issued by Regional Authority _______
(Mention the name of the Regional Authority) and having Importer - Exporter
Code __________, has been designated as Nominated Agency under Paragraph 4A.4
of Foreign Trade Policy (RE 2008), as amended from time to time for the purpose
of Direct Import of Precious Metal. This is subject to provisions of FTP and
the Procedure laid thereunder, RBI Guidelines and the Customs Rules and
Regulations.
This permission shall be valid from __________to
_________ (Mention specific Date).
Name of RA:
Date:
(SIGNATURE)
Asstt. Director General of
Foreign Trade /
Foreign Trade Development Officer
(OFFICE SEAL)
Annexure II
Appended to Policy Circular No. dated
Statement of Precious Metal for the period
April to September………../Oct. – March……
Name of the Nominated Agency (Other than Designated
Banks) in terms of paragraph 4A.4 of FTP:
Date of Statement:
Name of Precious Metal: Gold/Silver/Platinum
(Strike which is not applicable and give the details in separate sheets for
different metals)
|
Number
of Transaction |
Value
of Gold Imported |
Quantity
of Gold Imported |
Opening
Stock (in Quantity) |
Utilization |
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Own
use |
Supply
to exporter |
Supply
to domestic units |
Balance
in stock |
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|
|
(US
D million) |
(Rs. Crore) |
Kg. |
Kg. |
Value
(Rs. Crore) |
Qty (Kg.) |
Value
(Rs. Crore) |
Qty.
(Kg.) |
Value
(Rs. Crore) |
Qty.
(Kg.) |
Quantity
(Kg.) |
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Sl.
No. |
Mode
of Import |
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(i) |
Delivery
Against Payment Basis |
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(ii) |
Supplier’s
Credit Basis |
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(iii) |
Consignment
Basis |
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(iv) |
Unfixed
Price Basis |
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Note:
1. Full
details of transactions may be provided in cases where the number of transactions
in respect of a single importer exceeds ten transactions in a month or the
aggregate value of imports exceeds US Dollar 50 million.
2. Details
of EOUs / Units in SEZ and Nominated Agencies should be given separately.
3. Separate
statement in the aforesaid format shall also be furnished for other precious
metal as well (i.e. silver, platinum etc.).
4. Nominated
Agencies may refer the RBI Guidelines as stated in A.P. (DIR Series) Circular
No. 2 Dated July 9, 2004, Paragraph B 15 of part III of Master Circular of RBI,
as amended from time to time.