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

4A.34

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

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

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

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

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

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