16th May, Mumbai: Recently DGFT had released Public Notice No.06/2015-2020 dated 10th May, 2018 wherein it has been clarified that the Export Obligation period of 120 days under Advance Authorisation Scheme for Precious Metals Gold/Silver/Platinum pertains strictly for Gems and Jewellery Sector.
Precious Metals Gold/Silver/Platinum had also been used for making other industrial uses and also in pharmaceutical industry.
This 120 days export obligation period under Advance Authorisation Scheme is strictly for manufacturing precious metal plain and studded jewellery.
However, Immediately post release of the said DGFT Public Notice, news report on discontinuation of supply of duty free gold by nominated agencies to export community started surfacing Media.
“These reports have no basis and the Council has clarified the same from the Office of Director General of Foreign Trade, New Delhi which has also refuted the news and their office has not issued any circular/public notice for discontinuation of duty free supply of gold to exporters.” Commented Mr. Pramod Agrawal, Chairman, GJEPC.
The normal period of 90 days for duty free import of precious metals and export of jewellery remains the same for DTA units as laid down in Foreign Trade Policy