Replenish-ment Basis 4A.21.2

The exporter may also export jewellery on a notional rate based on the certificate provided by the Bank. The exporter must fix the price within the credit terms allowed to the buyer and realise proceeds within the due date of the credit terms or 180 days, whichever is earlier. The exporter exporting on a notional basis under Replenishment Scheme must book the same quantity of gold with the Nominated Agency on the same rate that he may have booked with the buyer. The nominated agencies shall purchase the precious metal on behalf of the exporter at the rate so fixed and thereafter issue a purchase certificate bearing a serial number to the exporter indicating the quantity of gold/ silver/platinum and the CIF value, in dollars including the Rupee equivalent. The price shall be the actual price at which gold/silver/platinum is purchased by the nominated agencies plus permitted service charges levied by the nominated agencies shall be included with the price of gold/ silver/ platinum for the purpose of value addition. The duplicate and triplicate copies of exporter’s application together with copies of purchase certificate for the exporter shall be sent by the nominated agencies to the concerned Custom House as well as to the negotiating bank who will confirm realization at which the gold has been purchase. The exporter exporting under the notional rate will get the replenishment only after the proceeds are realised.