4.77.3

The exporter shall be permitted to export the jewellery on the basis of a notional rate certificate to be issued by the nominated agency. This rate will be based on the prevailing Gold/USD rate and the USD/INR rate in the notional rate certificate. The certificate issued by the nominated agency should not be older than 3 working days of the date of shipment.

The value addition will have to be achieved on rate as may be got fixed with the buyer and the nominated agency.

The exporter shall have the flexibility to fix the price and repay the Gold Loan within 180 days from the date of export. [OLD - The exporter shall have the flexibility to fix the price and repay the gold loan within 60 days from the date of export. ] This price shall be communicated to the nominated agencies who will issue a certificate showing the final confirmation of the rate to the bank negotiating the documents, to ensure export proceeds are realized at this rate.

(The first sentence of above third sub-paragraph has been amended vide PUBLIC NOTICE NO. 28/2004-09, DT. 01/12/2004)