Import of precious metal scrap/used jewellery for melting and re-export of jewellery.

4A.34

The policy for Import of precious metal scrap/used jewellery for melting and re-export of jewellery is given in paragraph 4A.21 of FTP. The procedure is laid as under:

Imported precious metal scrap/used jewellery shall be allowed to be cleared by the Customs subject to the condition:

a) that the importer files a bond along with Bank Guarantee for a sum equivalent to one and half times the customs duty leviable on the said used jewellery/precious metal scrap;

b) the importer fulfils the export obligation and value addition as notified by Central Government;

c) such import will not be allowed through Hand Baggage.

The detailed procedure including value addition requirement and export obligation period etc. for operationalisation of the facility under this paragraph shall be notified separately by DGFT.