1. One-time facility for exporters to claim replenishment of gold

One-time facility for exporters to claim replenishment of gold

The one-time replenishment facility will remain open for a period of 120 days, Directorate General of Foreign Trade (DGFT) said in a notice.

By: | New Delhi | Published: September 8, 2016 10:43 PM
gold silver equity markets (Reuters)

Commerce Ministry today said a one- time facility would be provided to exporters to claim replenishment of gold for exports made under the 80:20 scheme.

The one-time replenishment facility will remain open for a period of 120 days, Directorate General of Foreign Trade (DGFT) said in a notice.

It said the RBI circulars from July 22, 2013 and February 14, 2013 had not provided provisions to claim replenishment of gold in respect of export of gems and jewellery products manufactured from gold by way of participation in exhibitions abroad.

“All such exporters have been provided one-time facility to claim replenishment of gold within 120 days from the date of issuance of this public notice…,” it said.

Under the 80:20 norm, put in place in August 2013 to curb high gold inflows that was widening the current account deficit, at least 20 per cent of the imported gold had to be mandatorily exported before bringing in new lots.

The scheme was scrapped in November 2014.

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