4A.35

Guidelines/ Monitoring for import of precious metal by the Nominated Agencies

The consolidated guidelines on import of precious metal by the nominated agencies and the system of monitoring are as under:

(i) For the Premier Trading Houses and the Star Trading Houses (only for Gems & Jewellery exporters), the Certificate Holder shall be required to request to the concerned RA (who had issued the Status Certificate / the Registered office is located) enclosing therewith a self-attested copy of the valid Status Certificate. RA, in turn, shall issue a Certificate to the Status Certificate Holder in the format as given in ANF 4 K. This Certificate shall be valid for one year starting from 1st day of the Financial Year of filing application. This Certificate shall be renewed every year based on the validity of the Status Certificate, the performance of the Nominated Agency on annual basis and their submission of regular returns prescribed in the following paragraph.

(ii) Monitoring Mechanism: The following guidelines for monitoring the import of precious metal and its distribution and / or own use by the Nominated Agencies will be observed (other than the designated banks nominated by RBI) :

(a) All these Nominated Agencies are required to maintain records of imports of precious metal (both quantity and value) and its distribution for the purpose of exports of value added product as well as for the purpose of domestic consumption as per the format given in ANF 4 L.

(b) All the Nominated Agencies shall {other than the Premier Trading Houses and Star Trading Houses(only for Gems & Jewellery exporters)} file a half yearly return as per format given in ANF 4L to the Gems & Jewellery EPC, at Mumbai. The Premier Trading Houses and the Star Trading Houses (only for Gems & Jewellery exporters) shall file this return to the concerned RA which has issued the Certificate. These returns shall be filed within 15 days from the period of reporting.

(c) G&J EPC and the concerned RA shall compile the figures and forward it to DGFT (Hqrs.) by 15th of the subsequent month. G&J EPC and concerned RA will also inform DGFT which agency has not filed the return, so that appropriate action for delisting of the agency can be taken.

(d) The performance of these agencies will be reviewed on annual basis by DGFT (HQs) in consultation with G&J EPC.