Background:
Earlier, Notification No. 57/2000 – Customs dated May 08, 2000 reduced the rate of Customs Duty to NIL on import of Gold, Silver, Platinum under the Scheme for ‘Export Against Supply by Nominated Agencies’ as referred to in Paragraph 4.41 of the Foreign Trade Policy.
The condition attached to such remission of duty is to undertake export, either by itself or through other exporters, gold, silver, platinum jewellery or articles, as the case may be, including studded articles having gold/silver/platinum content equivalent to the imported gold/silver/platinum within a period of ninety days from the date of issue of gold/silver/platinum to the exporters.
Notification:
The CBIC vide Notification No. 39/2021-Customs dated August 19, 2021 extended the last date of exports by six months if the last date of exports (ninety days) falls between February 01, 2021 and June 30, 2021.
The Notification can be accessed at: https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2021/cs-tarr2021/cs39-2021.pdf