Circular

POLICY CIR NO. 24/2009, DT. 11/02/2010

Document type: Circular
Reference no.: M
Dated: 25 Apr 2012
Category: Policy Circulars Issued w.e.f 27/08/2009

Clarification on the stipulation of minimum 15% disbursement of precious metal by Nominated agencies to exporters

POLICY CIR NO. 24/2009, DT. 11/02/2010

Clarification on the stipulation of minimum 15% disbursement of precious metal by Nominated agencies to exporters

Attention is invited to DGFT Policy Circular No. 1 dated 27.8.2009 to be read with Policy Circular No. 77 dated 31.03.09 on the above subject. Representations have been received from Trade and Industry to clarify as to whether the requirement of disbursement of minimum 15% stated at Sl. No. 3(c) of the Circular No. 1 dated 27.8.2009, is to be adhered for each consignment of precious metal being imported by the Nominated agencies (other than the designated banks) mentioned in Paragraph 4A.4 of FTP.

The matter has been examined. It is now clarified that the minimum 15% stipulation stated at Sl. No. 3(c) of the Circular No. 1 dated 27.8.2009, is with reference to the cumulative disbursement of quantum of precious metal imported on half yearly basis and not on the basis of imports against each consignment.

This issues with the approval of Competent Authority.

Sd/-
(Tapan Mazumder)
Joint Director General of Foreign Trade
E-mail: tmazumder@nic.in

(Issued from F.No. 01/94/180/ G&J Financial Crisis /AM09/PC-4)

POLICY CIR NO. 24/2009, DT. 11/02/2010

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