In a bid to reduce transaction cost for gold jewellery exports, the government has relaxed norms for gold import under the scheme "Export Against Supply by Foreign Buyer". According to a circular issued by the Central Board of Excise and Customs (CBEC), for the purpose of calculation of bank guarantee amount in case of import of gold under the scheme, the duty rate applicable will be Rs 250 per 10 gms. Nominated agencies and status holder exporters can import gold/silver/platinum without payment of duty under the scheme for the purpose of manufacture of jewellery and export.
NSTL
