Export Against Supply By Foreign Buyer

4A.15

Before clearance of each consignment of import supplied by foreign buyer, nominated agency shall execute a bond with Customs, undertaking to export within stipulated period in contract, gold / silver / platinum jewellery or articles equivalent to entire import quantity of gold / silver / platinum, mountings and findings etc excluding admissible wastage.

In case of direct supply of gold / silver / platinum, alloys, findings and mountings of gold / silver / platinum and plain semi-finished gold / silver / platinum jewellery to status holder / exporter, Status Holder / exporter shall furnish a Bank Guarantee / LUT, as per Customs Rules and regualtions to Customs equivalent to Customs Duty leviable on imported gold / silver / platinum, alloys, findings and mountings of gold / silver / platinum and plain semifinished gold/ silver / platinum jewellery etc.

BG / LUT, executed with Customs shall be valid for one year. In case of direct supply to Status Holder / exporter, exports shall be completed within 90 days. In case of non-fulfillment of EO / non-achievement of stipulated value addition, Customs Department shall proceed to recover custom duty alongwith interest which may include enforcement of BG / LUT. Besides importer will be liable to penal action under Customs Act