In the world of export-import, each shipment counts. And you cannot afford to make any “uninformed investment”. So, if you have any doubt or a question, ask us. Our team of experts at The Dollar Business Intelligence Unit will be happy to answer your queries. Your question(s), if approved, will also be published on www.thedollarbusiness.com, and/or in the forthcoming issue of The Dollar Business
I would like to import gold and silver for selling them in India. What are the import duties that I will have to pay along with other charges like freight and insurance? And what would be the cost per kg for silver and gold? (Shiva, KTS Silver Palace, Hyderabad, +91-40-65503XXX, [email protected])
Dear Shiva: We are happy to know that you want to get into imports of gold and silver. Imports of gold and silver can be done only through the agencies notified by the DGFT or the banks authorised by RBI as nominated agencies, according to Para 4.41 of Foreign Trade Policy (FTP) 2015-2020. As many as 36 banks have been authorised by RBI to import precious metals like gold and silver. In addition, the nominated agencies under FTP for importing precious metals are MMTC Ltd., The Handicraft and Handlooms Exports Corporation of India Ltd., PEC Ltd., STCL Ltd., MSTC Ltd. and Diamond India Ltd.
Apart from these, banks and nominated agencies, Four Star Export Houses from gems and jewellery sector and Five Star Export Houses from any sector can be recognised as a nominated agency. The FOB/FOR criteria an exporter should achieve to be recognised as Four Star Export House and Five Star Export House are $500 million and $2,000 million per annum, respectively. India imposes 10% customs duty on gold and silver in addition to 3% IGST. The freight and insurance depend on the country that you plan to source from. Further, the prices of gold and silver are market driven and keep changing.
Response by: Sabyasachi Ra, Executive Director, Gem & Jewellery Export Promotion Council (GJEPC)
I want to import dry lead battery scrap from South Sudan (Africa) into Mundra Port in India. Can I import them from this origin? Or import of the product from Sudan is banned? Please advise. (Alok, Director, Xcel Traders Ltd., +91-9997113XXX, [email protected])
Dear Alok: We assume you want to import waste and scrap of batteries falling under ITC HS Code: 8548. Since the import of products under the said HS Code is restricted you need to apply for grant of an ‘Authorisation’ for import or export of the said items to RA, with a copy to DGFT headquarters in ANF 2M (as prescribed in Handbook of Procedures) along with documents prescribed therein. Original application along with Treasury Receipt (TR) / Demand Draft needs to be submitted to RA concerned and self-attested copy of same needs to be submitted to DGFT in duplicate along with proof of submission of application to concerned RA.
Response by: Steven Philip Warner President (VMPL) & Editor-in-Chief, The Dollar Business
Can I import copper scrap (No.1 copper and No.2 copper scrap) from India to US? Is there a list of prohibited items that cannot be imported from India to US? What are the tax implication and duties to be paid while importing from India to US? [George, +91-9725050XXX, [email protected]]
Dear George: We are happy to learn that you want to import copper scrap from India. There is no restriction on exports of copper scrap (HSN Code: 740400) of any kind from India to any country. However, the country which is importing including the US may have local restrictions. You need to check on the local laws of importing country.
While there is no restriction on exports of copper scrap, India does have a list of restricted and prohibited items. The list is available on the website of the Directorate General of Foreign Trade (www.dgft.gov.in). US too has its own list of prohibited items that cannot be imported into US. Further, there is no export duty on export of copper scrap from India. For the import duties in US on copper scrap, you will have to check on the website of US Customs and Border Protection (www.cbp.gov).
Response by: R. K. Sharma, Secretary General, Federation of Indian Mineral Industries (FIMI)
I am a Hyderabad-based manufacturer of abayas and supplying the product across India. I have IEC, but I don’t know how to start an export business. Please advise. (Sahidul Islam, Owner, Sona Hijab Collection, Hyderabad, +91-9032557XXX, [email protected])
Dear Sahidul: We are happy to hear of your decision to head into the world of foreign trade. You can approach your concerned association – Apparel Export Promotion Council (AEPC) – for assistance. Additionally, you can also explore The Dollar Business CONQUER Programme (You can read more on TDB CONQUER Programme on https://www.thedollarbusiness.com) that gives an in-the-making super successful exporter like you the access to TDB EXIMAPS (https://www.thedollarbusiness.com/exim-maps), the most powerful buyer discovery and competition analysis tool for Indian exporters, which ensures you touch newer highs in global trade. In case you have further queries, do write back to us.
Response by: Manish K. Pandey Editor,The Dollar Business
Is there any export incentive available under Merchandise Exports from India Scheme (MEIS) for Indian Kabuli Chickpeas (HS Code: 07132000)? (Bharat Parekh, Director, Tricos Exports Pvt. Ltd., +91-9820034XXX, [email protected])
Dear Bharat: Indian Kabuli Chickpeas (HS Code: 07132000) does not qualify for MEIS benefit or any other such benefit under the Foreign Trade Policy FY2015-2020.
Response by: Dr. A. K. Sengupta, Chief Consulting Editor, The Dollar Business