Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: form 3cd :: cpt :: list of goods taxed at 4% :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: TDS :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: empanelment :: Central Excise rule to resale the machines to a new company
 
 
Latest Circulars »
 RBI-External Commercial Borrowings (ECB)
 Issuance of 28 days Cash Management Bills under Market Stabilisation Scheme (MSS)
 Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 30, 2016)
 All You wanted to know from RBI about: Withdrawal of Legal Tender Status of ₹ 500 and ₹ 1000 Notes
 Deposit of Specified Bank Notes (SBNs) – Chest Balance Limit / Cash Holding Limit
 Withdrawal of Legal Tender status of banknotes of ₹ 500 and ₹ 1000: Activity at Banks during November 10-27, 2016
 Reserve Bank of India Act, 1934 – Section 42(1A) Requirement for maintaining additional CRR
 Chest Guarantee Scheme for Specified Bank Notes (SBNs) - CGSS
 Quarterly Projection Model for India: Key Elements and Properties
  Special measures to incentivise Electronic Payments – (i) Enhancement in issuance limits for Pre-Paid Payment Instruments (PPIs) in India (ii) Special measures for merchants
 Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 23, 2016)

Regarding Single Revolving Bank Guarantee for Different Transactions for Import of Silver or Gold or Platinum
February, 12th 2013

Circular No. 5/2013-Cus

F.No. DGEP/G&J/27/2012

Govt. of India

Ministry of Finance,

Department of Revenue,

Central Board of Excise & Customs

Directorate General of Export Promotion

                                                                                                                February 6, 2013

All Chief Commissioners of Customs/Central Excise,

All Commissioners of Customs/ Central Excise.

 

Madam/ Sir,

 

Sub:        Single Revolving Bank Guarantee for Different Transactions for Import of Silver or Gold or Platinum- reg.

 

Customs Circular no. 30/2013-Cus dated 31.01.2013 was issued on the above subject. Inadvertently, serial number to the said Circular was given from the running register for the year 2012, instead of for the year 2013.

 

2.             In view thereof, Circular no. 30/2013-Cus dated 31.01.2013 is re-numbered as Circular no. 5/2013-Cus dated 31.01.2013 (enclosed hereto).

3.             Wide publicity may please be given to this Circular by way of issuance of Trade/Public Notice.

4.             Receipt of this circular may kindly be acknowledged.

Yours faithfully,

Encl: as above (1 page)

(Ram Tirath)

Director General

------------------------------------------------------------------------------------------------------------------------------------------


 

 

Circular No.  05/2013-Cus

 

 

F.No. DGEP/G&J/27/2012

Govt. of India

Ministry of Finance,

Department of Revenue,

Central Board of Excise & Customs

Directorate General of Export Promotion

 

                                                                                    New Delhi, the January 31, 2013

 

All Chief Commissioners of Customs/Central Excise,

All Commissioners of Customs/ Central Excise.

 

Madam/ Sir,

 

Sub:     Single Revolving Bank Guarantee for Different Transactions for Import of Silver or Gold or Platinum- reg.

 

Representations have been received from the Gem & Jewellery sector to allow their exporters to execute revolving Bank Guarantee to be used for import of gold/ silver/ platinum, alloys, findings and mountings of gold/silver/ platinum and plain semi-finished gold/silver/platinum jewellery. 

 

2.         Notification No. 56/2000-Cus dated 05.05.2000, as amended, exempts gold/silver/platinum, alloys, findings and mountings of gold/silver/platinum and plain semi-finished gold/silver/platinum jewellery falling within Chapter 71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India by, inter alia, status holders, or exporters of three years’ standing having an annual average turnover of five crore rupees during the preceding three licensing years under the scheme for 'Export Against Supply by Foreign Buyer' as referred to in paragraph 4A.8 of the Foreign Trade Policy, from the whole of the duty of customs leviable under the First Schedule to the Customs Tariff Act, and from the whole of the additional duty leviable under section 3 of the said Tariff Act, subject to the conditions specified in the said notification. Duty free import is allowed for manufacturing and export of gold/silver/platinum jewellery or articles as laid down in the said notification subject to furnishing a Bond of an appropriate amount and Bank Guarantee for a sum equivalent to one and half times of the Customs duty leviable on the said goods imported.

 

3.         The matter has been examined.  The request of the Gem & Jewellery sector is to allow revolving use of the Bank Guarantee. After considering the representations from the trade & industry, it has been decided that the Bank Guarantee furnished by the importer can be used for subsequent consignments, if the importer has fulfilled the export obligation and export proceeds realized in respect of the earlier consignments. The bank guarantee may be so used for subsequent import consignments, provided it is sufficient to cover the duty involved and has validity for sufficient time period with self-renewal in-built provision.  The field formations need to take care to ensure that the Bank Guarantee remains valid till the export proceeds are realised.

 

4.         Receipt of this circular may kindly be acknowledged.

Yours faithfully,

 

 

(Ram Tirath)

Director General

----X----

 

 

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions