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Import of Gold/Gold Dore by Nominated Banks/ Agencies/Entities – Clarifications
This circular contains clarification with respect to import of Gold as well as Gold Dore as under: –
Import of Gold
1. In case of Advance Authorisation (AA)/Duty Free Import Authorisation (DFIA) issued before 14th August, 2013, the condition of sequencing imports prior to exports will not be insisted upon even in case of entities/units in the SEZ and EOU, Premier and Star Trading Houses.
2. The imports made as part of the AA/DFIA scheme will be outside the purview of the 20:80 Scheme and will be accounted for separately and will also not entitle the Nominated Agency/Banks/Entities to any further import.
3. The Nominated Banks/Agencies/Entities can make available gold to the exporters (other than AA/ DFIA holders) operating under the Replenishment Scheme.
4. Import of gold in the third lot onwards will be lesser of the two:
a. Five times the export for which proof has been submitted; or
b. Quantity of gold permitted to a Nominated Agency in the first or second lot.
A revised working example of the operations of the 20:80 Scheme is Annexed to this circular.
Gold Dore
1. Refiners are allowed to import Gold Dore of 15% of their license for each of the first two months.
2. Where import quantity has already been identified by DGFT for first two lots, import of such quantity must be in compliance with the guidelines issued vide A.P. (DIR Series) Circular No. 82 dated 31st December, 2013.
3. DGFT can include new refiners, and fix license quantity for them.
