Earlier, vide Notification No. 57/2000 – Customs dated May 08, 2000, government reduced the rate of Customs Duty to NIL on import of Gold, Silver, Platinum under the Scheme for ‘Export Against Supply by Nominated Agencies’ as referred to in Paragraph 4.41 of the Foreign Trade Policy.

The condition attached to such remission of duty is to undertake export, either by itself or through other exporters, of gold, silver, platinum jewellery or articles, as the case may be, including studded articles having gold/silver/platinum content equivalent to the imported gold/silver/platinum within a period of ninety days from the date of issue of gold/silver/platinum to the exporters.

CBIC vide Notification No. 39/2021 – Customs dated 19^th August 2021 extended the last date of export by 6 months i.e., up to 31^st December 2021, if the date of export falls between 1^st February 2021 and 30^th June 2021.