DGFT amends the Para 4.34 of the Foreign Trade Policy

Sep 04, 2019 | by Avantis RegTech Legal Research Team


The Directorate General of Foreign Trade on September 02, 2019, has made amendment in Para 4.34 of the Foreign Trade Policy (FTP).

The current Para 4.34 (i) of the Foreign Trade Policy, namely:

(i)Exporter of gold/ silver/ Platinum jewellery and articles thereof including mountings and findings may obtain gold/ silver/ platinum as an input for export product from Nominated Agency, in advance or as replenishment after export in accordance with the procedure specified in this behalf.

No replenishment of the precious metal shall be available to the exporter/ manufacturer where the exporter/ manufacturer avails any of the benefits in respect of exported product.

a.CENVAT Credit is availed on inputs or services by the manufacturer.

b.Finished goods stage rebate is availed under Notification No. 19/2004-CE (NT) dated September 06, 2004.

c.Input stage rebate is availed in respect of duty of excise paid on the precious metal bar or articles of precious metal under Notification No. 21/2004-CE (NT) dated September 06, 2004.

d.Precious metal or articles of precious metal are procured by the manufacturer under Central Excise Rules, 2002.

e.Input Tax Credit is availed on inputs or services or both by the exporter under Chapter V of Central Goods and Services Tax Act, 2017; or refund of ITC or refund of Integrated Goods and Services Tax is availed under section 54 of the Central Goods and Services Tax Act, 2017.

The amended Para 4.34 (i) of the Foreign Trade Policy reads as under:

(i)Exporter of gold/ silver/ platinum jewellery and articles thereof including mountings and findings may replenishment after export in accordance with the procedure specified in this behalf.

Replenishment of gold/ silver/ platinum will be subject to Customs Notification No. 57/2000-Customs dated May 08, 2000, as amended.

[Notification No. 16/ 2015-2020]


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