DGFT amends FTP chapter on replenishment of precious metals

The Dollar Business Bureau 

The DGFT in its latest notification number 40/2015-2020 dtd Feb 23, 2017 makes the following amendment to Chapter 4, paragraph 4.34(i) of Foreign Trade Policy 2015-20. 

According to the latest amendment, exporters of gold/silver/platinum jewellery and their related inputs who have availed CENVAT credit facility, and have exported the finished goods availing duty free rebate, can further restock precious metals from authorised centres. 

However, the DGFT stresses that the duty-free inputs should be used in the manufacture of dutiable-goods in the same premises where the earlier products were manufactured. And the sale or transfer of such duty-free precious metal inputs is not permissible.