4.85

Exports against Advance Authorisation

(a) Procedure applicable to Advance Authorisations under Chapter 4 of Hand Book of Procedures shall generally apply to this scheme except norms for value addition, EO period and regularization of default. Value addition for Gems and Jewellery items shall be as per paragraph 4.61 of this Handbook of Procedures.

(b) EO will be required to be fulfilled within 120 days from date of import of each consignment against Authorisation. However EO period shall be 180 days from date of import of findings, mountings made of gold, platinum and silver and export of jewellery. No further extension in EO period will be allowed. Advance Authorisation holder may also import gold as replenishment after completion of exports.

(c) Advance Authorisation holder may obtain gold /silver / platinum from nominated agencies in lieu of direct imports. In such a case, EO will be required to be fulfilled within 90 days from date of supply of Gold/Silver/Platinum by nominated agency and the nominated agency shall also make, both exchange control copy and customs purpose copy of Authorisation invalid for direct imports.

4.85 A

For those cases, where the last date for exports/replenishment/imports/drawal of precious metal as calculated under various sub-paras of para 4.82, 4.83, 4.84 and para 4.85, expires between 01.02.2020 and 31.07.2020, such last date stands extended by six months. However, relaxation in the period for repatriation/forex realization would be equal to the period as allowed plus six months, or as per RBI guidelines, whichever is less.

(Above Para 4.85A has been added vide PUBLIC NOTICE NO. 67/2019, DT. 31/03/2020)