Amended Procedures for Import of precious metal Scrap to India
By Bollinger
Posted on : 11/5/2008
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Division 4A.34
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Division 4A.34- regarding the import of precious Metal Scrap to India was amended earlier this year. The Amended EXIM procedure states that:
“Imported precious metal scrap / used jewelry shall be allowed to be cleared by Customs subject to the following conditions:
a) That importer files a bond along with Bank Guarantee for a sum equivalent to one and half times customs duty leviable on said used jewelry /precious metal scrap;
b) Importer fulfils the export obligation and value addition as notified by Central Government;
c) Such import will not be allowed through Hand Baggage. Detailed procedure including value addition requirement and export obligation etc. for operationalization of the facility under this paragraph shall be notified separately by DGFT (Director General of foreign trade)”
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About the author:
The author is a scrap Industry researcher who has wide knowledge in Rules and regulations of the scrap Industry. He has been in the Scrap Import and Export field for more than 10 years.
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