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Gem & Jewellery EP Scheme Modified Duty Payment in Rupees Permitted
on Domestic Sale- Nominated Agencies Changed
Notification
No. 36 dated 29th January 1998
In exercise of powers
conferred by section 5 of the Foreign Trade (Development and Regulation) Act,
1992 (No.22 of 1992) read with paragraph 1.3 of the Export and Import Policy,
1997 -2002 published in the Gazette of India extraordinary, Part-ll, Section
3-Sub-section (ii) vide S.NO. No. 283(E) dated 31.3.97, the Central Government
hereby makes following amendments in the Export and Import Policy, 1997-2002.
1.
Para 8.15 of EXIM Policy shall be amended to read as:
"The
exporter availing the schemes of gold/ silver/ platinum jewellery and articles
thereof may obtain gold/ silver platinum from the nominated agencies. The
nominated agencies are MMTC ltd., Handicraft & Handloom Export Corporation (HHEC),
State Trading Corporation (STC). The Projects & Equipments of India Limited
(PEC) and any agency authorised by the Reserve Bank of India (RBI)."
2.
Para 8.32 of EXIM Policy shall be amended to read as:
"Re-export
of imported goods and export of domestically procured goods including goods
generated out of the partial processing/ manufacture from such goods are
permitted. Besides, supply of unsuitable rough diamonds and precious stones/
semi-precious stones up to 5% of value of imported or indigenously procured
rough diamonds, precious stones and semi-precious stones to the holders of valid
REP/ Gem Rep./ Diamond Imprest licences on payment of appropriate duty are also
permitted".
3.
Para 8.36 of EXIM Policy shall be amended to read as:
"EOU/ EPZ
units are also permitted to sell 10% of value of exports of the preceding year
to the DTA. In respect of sales of plain jewellery, the recipient shall pay
concessional rate of duty to the Customs in Indian rupees as applicable to sale
from nominated agencies. In respect of studded jewellery duty shall be payable
in Indian rupees as notified by the Customs. Such supply shall, however, be
subject to the achievement of prescribed value addition."
This issues in public interest.
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