Import of Gold Dore Bars in India-Key Points to Remember

30/12/2016

Import of Gold Dore Bars in India- Some Key Points

Dated: 30/12/2016

 

As per the Customs Notification no: 12/2012 dated: 17th March 2012 an Indian importer may import Gold Dore bars under the following conditions as mentioned below. It is also to highlight that any import of Gold or Silver Dore Bars are strictly in accordance with the set guidelines issued from time to time by the Reserve Bank of India (RBI). The duty structure on the import of Gold Dore Bars & Silver Dore Bars are as follows.

S No ITC HS Code/Chapter Heading Description Standard Rate Additional Duty Rate Condition No
1 71 Gold Dore bar, having gold content not exceeding 95% NIL 2% 5 & 34
2 71 Silver Dore bar having silver content not exceeding 95% NIL 3% 5 & 34

 

Conditions are as follows:

  1. The Importer should be an Actual user and not necessarily the end user (It should be a refinery unit)
  2. If the importer follows the procedure set out in the Customs (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 1996 –Condition No 5 as laid down in the Notification
  3. If,- Condition No 34 as laid down in the Notification

(a) the goods are directly shipped from the country in which they were produced and each bar has a weight of 5 kg. or above;

(b) the goods are imported in accordance with the packing list issued by the mining company by whom they were produced;

(c) the importer produces before the Deputy Commissioner of Customs or the Assistant Commissioner of Customs, as the case may be, an assay certificate issued by the mining company or the laboratory attached to it, giving detailed precious metal content in the dore bar;

(d) the gold dore bars are imported by the actual user for the purpose of refining and manufacture of standard gold bars of purity 99.5% and above; and

(e) the silver dore bars are imported by the actual user for the purpose of refining and manufacture of silver bars of purity 99.9% and above

 

For further facilitation on the Gold Dore Import licensing & support please contact- 

CP: Mr. Ravi Jha

Mob: +91-9999005379

Email: intelconsul@gmail.com or rsj@sjeximtech.com

Web: www.sjeximtech.com

Facebook: www.facebook.com/sjeximservices

Twitter: @jhasravi

G+: https://plus.google.com/100040845267168622593?hl=en

 

Disclaimer:  Please refer to official sources before effecting a decision

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