The Presidents/ CEOs,
All Banks,

 

Dear Sirs / Madam,

 

EXPORT FINANCE SCHEME-FINANCE FOR
EXPORT OF GOLD JEWELLERY.

Please refer to BPD Circular No.12 dated 7th April, 2003 in terms of which refinance for export of gold jewellery (embedded with or without precious/semi-precious stones) on self consignment basis is admissible subject to adherence of the procedure as contained in Ministry of Commerce Notification No.SRO/266(I)/2001 dated 7th May, 2001.

2. It has henceforth been decided that export refinance will also be admissible under the Scheme for export of gemstones/precious and semi precious stones on self consignment basis in line with the facility extended to export of gold jewellery as per the procedure laid down in the Circular referred to above. Further, the exporter shall be required to disclose value of gemstones duly authenticated by the Valuation Committee as constituted in terms of the said SRO and produce the same alongwith copy of contract/export order containing terms of payment and the schedule of shipment/date at the time of availment of refinance loan under the Scheme. However, the exporters will be liable to invariably repatriate export proceeds through normal banking channel against export of gemstones within the permissible period of repatriation of export proceeds.

3. All other terms and conditions shall remain unchanged.

Please acknowledge receipt.

Yours faithfully,

(Ishtiaq Ali)
Joint Director