Govt amends Export against Supply by Nominated Agencies scheme

The Dollar Business Bureau

In the case of import of gold, silver or platinum under the scheme for ‘Export against Supply by Nominated Agencies’scheme, the importer is now required to execute a bond within a period of 90 days from the date of issue of articles to the exporters, the government revealed in a notification (No. 56 /2016 – Customs) issued on 3^rd Oct.

Earlier, the importer was required to execute a bond within a period of 120 days, or such extended period as the Assistant Commissioner or Deputy Commissioner of Customs specified, from the date of issue of articles to the exporters, as per the notification No.57/2000-Customs, dated 8th May, 2000.

The recent notification reads, “ Provided further that in the case of import of gold/silver/platinum under the scheme for ‘Export Against Supply by Nominated Agencies’, the importer executes a bond in such form and for such sum as may be specified by the Assistant Commissioner of Customs or Deputy Commissioner of Customs, undertaking to export, either by itself or through other exporters, gold/silver/platinum jewellery or articles, as the case may be, including studded articles having gold/silver/platinum content equivalent to the imported gold/silver/platinum within a period of 90 days from the date of issue of gold/silver/platinum to the exporters, and binding himself to pay on demand duty on quantity of gold/silver/platinum representing the difference between the quantity issued and that contained in the exported jewellery or articles.”