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Dated: 04/12/2016
Registration under Gold Import Scheme in India
REGISTRATION:
Parties will be assessed on case to case basis after completing the documentation process in all respects.
1) Registration process and documents required thereof
- Documents required:-
- Exporter’s documents related to business transaction with the overseas buyers of gold Jewellery from India for the last 3 years:
- Copy of Overseas Buyer’s confirmed order
- Copy of GR form/AWB/Commercial Invoice pertaining to past transactions
- Copy of proof for receipt of overseas payments/BRC/LC
- Copy of IEC registration
- GJEPC registration certificate
- Affidavit stating that they are not blacklisted by DRI, ED, Customs, Banks, PSUs and other Govt agencies
- Past three year audited Balance Sheet and Profit & Loss Account
- Current year provisional Balance Sheet and Profit & Loss Account
- Sales tax Documents (CST + Local) and TIN No
- Banker’s details
- If Proprietor, then business profile to be submitted
- If Partnership, then the deed to be submitted
- If Company, then memorandum, PAN Card, list of board of directors and Board resolution to be submitted
- DNB report
- Bank Report/Credibility Report
- Custom registration certificate
- FEMA Declaration
- Documents required from Exporters for Indenting:-
- Copy of Overseas Buyer’s confirmed order to execute export
- Back-up funds/security collateral (50% of cost of metal) towards 200% of customs duty + VAT + penal Interest etc. FD to be released only after export obligation towards 20% of gold is fulfilled
- Indemnity bond (for any claim, loss, damage, quality/quantity issues and any other disputes on connection with import of gold for us)
- Exporter’s Undertaking to the License issuing authority to have 1st lien on Imported gold, same will not be pledged and value added Jewellery will be exported ASAP
- Undertaking stating that quantity released for export will be used only for export and it is his responsibility for repatriation of entire Export proceeds without any delay through his AD/bank
- Associate’s undertaking letter to availing VAT exemption in the prescribed format as per concerned states VAT Act, before every delivery order, if required
- Insurance coverage from the period immediately after delivery order and release of metal from the vault.
- FD for:-
- One time deposit of Rs 50 lakhs
- 5% of margin money: Margin money will be adjusted with final delivery
- Proof of Exports (to show the usage of imported gold of the same lot)
- GR Form/Export Declaration Form(EDF) for Duty Free Goods
- Original Export Promotion (Shipping bill)
- Original Customs attested Invoice (Value- addition and wastage % should be mentioned and be within limits allowed by Customs)
- AWB
- Packing List
- Overseas buyer’s confirmation for receipt of Jewellery consignment
- Purchase Certificate for export obligation issued duly attested by Customs
- BRC (Required to release bond submitted to Customs towards Duty Free Gold)
- Document proof of utilization of Imported Gold: – Invoice, AWB, Bill of Entry No. of the import related documents should be shown on Invoice, AWB, GR/EDF of the Export related documents
Source: DGFT, Ministry of Commerce, Govt. of India
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