DGFT Rescues Gold Exporters for Past Anomaly in RBI Notification, Allowed to Claim Replenishment

[DGFT Public Notice No. 29 dated 8^th September 2016]

Effect of this Public Notice: The RBI Circulars from 22.07.2013 to 14.02.2013 had not provided provisions to claim replenishment of gold in respect of export of Gems and jewellery products manufactured from gold, by participation in the exhibitions abroad or claiming gold in cases where gold was booked by payment of minimum 20% with Nominated Agency, subject to adjustment at time of actual sale. All such exporters have been provided one-time facility to claim replenishment of gold within 120 days from the date of issuance of this Public Notice subject to fulfilment of all other conditions of the FTP and HBP 2009-14.

Subject: Amendments in paragraph 4A.21 of Hand Book of Procedures 2009-14 for export of Gems and Jewellery products manufactured from gold during the period 22.07.2013 to 14.02.2014 in terms of paragraph 4A.18 of Handbook of Procedures 2009-14 as one time exemption to claim replenishment of Gold.

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2009-2014, as amended from time to time, the Director General of Foreign Trade makes the following amendments in paragraph 4A.21 of Hand Book of Procedures 2009-14 for export of Gems and Jewellery products manufactured from gold during the period 22.07.2013 to 14.02.2014 in terms of paragraph 4A.18 of Handbook of Procedures as one time exemption to claim replenishment of gold within 120 days of issuance of this public Notice to the following exporters.

2. Those exporters who had exported Gems and Jewellery products manufactured from gold by participating in overseas jewellery exhibitions under the replenishment scheme during the period 22.07.2013 to 14.02.2014 in terms of paragraphs 4A.18(a)(i) of HBP 2009-14. Such exporters may claim replenishment of gold from Nominated Agencies within 120 days of this Public Notice in relaxation of period prescribed in Para 4A.18(a)(i)(b) of HBP 2009-14, provided all other conditions mentioned in Para 4A.21 are fulfilled which includes realisation of export proceeds and any other condition of Foreign Trade Policy and Hand Book of Procedures.

3. Those exporters who had booked gold with Nominated Agencies by depositing earnest money for a minimum amount of 20% of notional price of gold subject to adjustment at time of actual sale as per paragraph 4A.21.1 of HBP 2009-14. Such exporters may claim replenishment of gold from Nominated Agencies, in respect of export of Gems and Jewellery products manufactured from gold during the period 22.07.2013 to 14.02.2014, within 120 days from the date of issuance of this Public Notice in relaxation of period prescribed in Para 4A.21 of HBP 2009-14 provided all other conditions mentioned in Para 4A.21 are fulfilled which includes realisation of export proceeds and any other condition of Foreign Trade Policy and Hand Book of Procedures.