Executive Summary:
This notification, issued by the Directorate General of Foreign Trade on October 18, 2017, announces amendments to the Foreign Trade Policy 2015-2020. The changes pertain to the import of gold by Four Star and Five Star Export Houses holding Nominated Agency Certificates. The notification restricts the issuance/renewal of Nominated Agency Certificates and imposes an actual user condition on gold imports.
Key Points / Main Content:
Amendments to Para 4.41(iii):
* Four Star Export Houses (Gems & Jewellery sector) and Five Star Export Houses (any sector) may be recognized as Nominated Agency by Regional Authority.
* Import of gold by Four Star and Five Star Houses with Nominated Agency Certificate is subject to actual user condition, notwithstanding any existing provisions.
* Permitted gold imports are restricted to use as input for manufacturing and export purposes only.
* Imports are allowed only during the remaining validity period of the Nominated Agency Certificate.
Effect of Notification:
* No new Nominated Agency Certificates will be issued or renewed for Four Star and Five Star Export Houses.
* Existing Nominated Agency Certificate holders (Four and Five Star Houses) are subject to the "actual user" condition for gold imports.
* Gold imports are permitted only for self-manufacturing and export purposes during the certificate's remaining validity.
Impact Analysis:
Four and Five Star Export Houses:
* Impact: Restriction on new/renewed Nominated Agency Certificates; imports of gold are now strictly under the "actual user" condition.
* Action Required: Existing certificate holders must ensure gold imports are solely for manufacturing and export during the remaining certificate validity.
Regional Authorities:
* Impact: Cessation of issuing/renewing Nominated Agency Certificates for Four and Five Star Export Houses.
* Action Required: Implement the amended policy regarding the issuance/renewal of Nominated Agency Certificates.
Nominated Agencies:
* Impact: Policy change affects the import of gold; actual user condition is now applied.
* Action Required: Comply with the actual user condition in the import of gold.
Key Entities Referenced
Foreign Trade Policy 2015-2020: A policy document by the Ministry of Commerce and Industry, Department of Commerce, Directorate General of Foreign Trade, Government of India, which is being amended by this notification.
Foreign Trade Development and Regulation Act, 1992: An act of the Indian Parliament that empowers the Central Government to make amendments to the Foreign Trade Policy.
Ministry of Commerce and Industry: The ministry responsible for formulating and implementing foreign trade policy in India.
Directorate General of Foreign Trade: The agency of the Ministry of Commerce and Industry responsible for implementing the Foreign Trade Policy.
New Delhi: The city in India where the notification was issued. Likely the location of the Directorate General of Foreign Trade.
Four Star Export House: A category of export house recognized under the Foreign Trade Policy, specifically related to Gems & Jewellery sector or any sector.
Five Star Export House: A category of export house recognized under the Foreign Trade Policy, with relaxed rules than other export houses
Alok Vardhan Chaturvedi: Director General of Foreign Trade, as named in the document
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6319 GI/2017 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
MINISTRY OF COMMERCE AND INDUSTRY
(Department of Commerce)
(DIRECTORATE GENERAL OF FOREIGN TRADE)
NOTIFICATION
New Delhi, 18th October, 2017
No. 34/2015-2020
Subject: Amendments in Foreign Trade Policy 2015-20 –reg
S.O. 3391(E).—In exercise of powers conferred by Section 5 of FT (D&R) Act, 1992, read with
paragraph 1.02 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central
Government hereby makes following amendments in Foreign Trade Policy 2015-20.
1. Existing Para 4.41(iii) reads as under:
Four Star Export House from Gems & Jewellery sector and Five Star Export House from any
sector may be recognized as Nominated Agency by Regional Authority.
2. Para 4.41(iii) is amended to read as under:
Notwithstanding any provision relating to import of gold by Nominated Agencies under
Foreign Trade Policy (2015-2020), the import of gold by Four Star and Five Star Houses
with Nominated Agency Certificate is subjected to actual user condition and are permitted
to import gold as input only for the purpose of manufacture and export by themselves
during the remaining validity period of the Nominated Agency certificate.
Effect of this Notification: Henceforth no Nominated Agency Certificate shall be issued/renewed for
Four Star Export House and Five Star Export House status holders. Import of gold by Four Star and Five Star
Houses with existing Nominated Agency Certificate is subjected to Actual user condition and are permitted to
import gold as input only for the purpose of manufacture and export by themselves during the remaining
validity period of the Nominated Agency certificate.
[F. No. 01/94/180/204/AM 18/PC-4]
ALOK VARDHAN CHATURVEDI, Director General of Foreign Trade
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and Published by the Controller of Publications, Delhi-110054.