Page 9 - Bullion World Volume 3 Issue 9 September 2023

Bullion World | Volume 3 | Issue 9 | September 2023

Recommendations provided:-
1. CBEC is requested to issue suitable guidelines for the cancellation of Custom Duty Bonds of Nominated
Agencies.
2. CBEC is requested to make a system for the online submission of required documents through ICEGATE for
cancellation of Bonds.
3. Nominated Agencies are requested to contact CBEC for the challenges faced and resolution so that the security
margin of custom duty can be released to TRQ holders.
4. TRQ holders who import gold in their own name through IIBX have to use it in their own manufacturing unit only.
It is recommended to have the treatment of gold imported through IIBX at par with the gold supplied to TRQ
holders by Nominated Agencies.
5. TRQ holders taking supply of gold from Nominated Agencies should have the flexibility to use it for their self-
usage in the manufacturing of jewellery or through job work, or even for their stock and sale. CBEC is requested
to issue suitable clarification for the flexibility of bullion trading with stock and sale.

Mr Ashok Gautam, IIBX IFSC that some people have is regarding
This year, when the TRQ quota was the import of gold through IIBX
allotted, the option to import through for a qualified jeweller, and the
the IIBX was not mentioned in the below statement can help clear
first round, however on the deadline this confusion. Custom notification
of the second round, it was enabled point number ‘F’ states that “The
to import gold through the TRQ restrictions on job work are only
quota. There is another notification related to the cases that the goods
on May 2023, which reads as are belonging to the importer, and
“Reference notification number 22, does not apply to the end use
oblique 2022 of customs dated 30th recipient who receives the goods on
April, for gold imports under the HS the supply and deals with it as in the
code 71081200 may be affected stipulated notification”. This circular
by the TRQ holder through qualified came in September 2022 when
jewellers as notified by IFSCA”. the nominated banks and agencies Mr Ashok Gautam
were considered importers, and
Special thanks to Augmont for being the end users were TRQ holders.
the first qualified jeweller through The recipient must submit the two
whom a TRQ holder, being a non- documents, IGCR 1 and IGCR 3,
qualified jeweller, has been able to IGCR 1 must be submitted before the
import gold through the IIBX. gold has been imported, and IGCR 3
must be submitted once the gold is
There are numerous advantages procured.
to importing gold through the IIBX,
which must be shared with the Coming to the Silver imports, as of
audience, and Augmont being the 31st July 2023, there is permission
first non-qualified jeweller to import granted to import silver through IIBX
through the IIBX is a path paved for for which the process is in the final
many more non-qualified jewellers stages and may be finalised by the
to enter the race. The confusion end of this year.

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