NEW DELHI, April 13: The government today relaxed the terms and conditions for gold loan schemes besides permitting export of branded jewellery for the trade to establish its own branded in the modified Exim policy. The modified policy, released by Commerce Minister Ramakrishna Hedge here, will now cover platinum and silvery jewellery and articles also.The measures, incorporated as part of efforts to boost exports of the gem and jewellery sector, provide for setting up private and public bonded warehouses in export processing zones and domestic tariff area for import and re-export of cut and polished diamonds, precious and semi-precious stones, rough diamonds and rough precious and semi-precious stones.
The policy modification allows for export of rough diamonds with value addition stipulation of 5% on imports, while scope of bulk licence has been increased by making overseas companies eligible. Only utilised value of diamond impressed licence would be taken into account for calculating net foreignexchange under the policy.
The agency commission formulation has been revised for export of gold, silver and platinum jewellery and articles and now value addition will be calculated after deduction of agency commission.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
