28 Aug, 2013
MUMBAI: Jewellers are expecting customs authorities to release soon gold held up at warehouses due to confusion over RBI's recent notifications on import of the precious metal.
The central bank had come out with a circular on July 22 that said 20 per cent of an imported consignment should exclusively be made available for exports. As the Customs were unsure of how to implement RBI notification, they stopped all stocks from entering the country, jewellers claimed.
"We hope the Central Board of Excise and Customs will release the gold, which is deposited at the Customs bonded warehouses, in a day or two as we have discussed and clarified the confusion on the RBI notification earlier this week," Gems and Jewellery Export Promotion Council Vice Chairman Pankaj Parekh told PTI.
He added that with immediate release of gold from the warehouses, total import in August is likely to go up to 4-5 tonne. In September, Parekh said, the total gold imports is likely to be around 20-25 tonne giving respite to manufactures who were struggling with lack of enough stocks.
On August 26, GJEPC members met with CBEC to discuss the RBI circular, and it has been agreed that after taking one time certificate from the Customs Department, the traders do not need permission every time they take a delivery, Parekh said.
The second point they agreed upon is that instead of invert remittance, which takes more than 280 days, as a proof of export before the import of third lot, exporters can give customer invoices as evidence of their shipments, he added.
Gold prices zoomed to a record high of Rs 34,500 per 10 gram with a biggest-ever single day surge of Rs 2,500 in opening trade in bullion market today amid the rupee hitting historic low of 68.75 a dollar.
All India Gems and Jewellery Federation Chairman Haresh Soni too said there is likely to be at least some import in the last two days of this month. "At the moment the stocks lying at the Customs bonded warehouses will be released into the country. However, it's very difficult to quantify it," he pointed out.
He said in September the imports were expected to be normal.
Source:-economictimes.indiatimes.com
No comments:
Post a Comment