Govt permits duty free replenishment of precious metals for jewellery exporters; GJEPC welcomes the move
New Delhi, Sep 4 (KNN) The jewellery exporters have been permitted to claim duty free replenishment of gold, silver and platinum used in the manufacture of items sold abroad, according to the notification issued by the Ministry of Commerce.
The notification amending Para 4.34(i) of the Foreign Trade Policy has been welcomed by the Gem & Jewellery Export Promotion Council (GJEPC) which had made a number of representations to the government on behalf of the exporters in this regard.
Such replenishment, which had been allowed earlier, was discontinued following the implementation of GST. Restoration of this benefit is a big relief to exporters as it comes at a time when the industry is facing numerous challenges, said GJEPC.
The notification said that the replenishment will be made in accordance with specified procedure and that replenishment of gold / silver / platinum will be subject to applicable Customs regulations.