Last date for exports, replenishment, etc. of precious metals falling between 1.2.21 to 30.6.21 extended by 6 months
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- Last Updated on 9 August, 2021
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Chapter 4 of the Hand Book of Procedure 2015-20 includes the policies relating to Duty Exemption / Remission Schemes. Para 4.81 of the Chapter 4 provides that the Exporter can obtain gold / silver / platinum (precious metals) on the following basis:
a) Replenishment Basis after completing of exports (Para 4.82)
b) Outright purchase basis in advance (Para 4.83)
c) Loan basis (Para 4.84)
The above schemes provide various time limits with respect to exports / replenishment / imports / drawal of precious metals.
The DGFT has issued notice (Public Notice No. 20/2015-20) to extend the last date of such exports / replenishment / imports / drawal of precious metals, expiring between 01-02-2021 to 30-06-2021 by 6 months. This step is taken as one time measure due to difficulties faced by the exporters due to COVID-19 situation.
Notably, for the purpose of repatriation or forex realization, the relaxation would be equal to the period as allowed plus 6 months (as extended) or as per the RBI guidelines, whichever is less.
Read the Full Circular Here
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