The DGFT ( Directorate of Foreign Trade ) has temporarily suspended Public Notice 05/2024, issued on May 27, 2024, until September 15, 2024, following a request from the Gem & Jewellery Export Promotion Council. This notice addressed permissible wastages and Standard Input Output Norms (SIONs) related to the export of jewellery.
Public Notice 05/2024 was introduced to modify the wastage allowances and SIONs related to gold, platinum, and silver content in export items. However, in response to representations from the GJEPC, the notice was first kept in abeyance until July 31, 2024, by Public Notice 06/2024 issued on May 28, 2024. This suspension was later extended to August 31, 2024, by Public Notice 16/2024-2025 dated July 29, 2024.
Navigate Global Finance: Your Guide to the Foreign Exchange Management Act!
The directorate has received proposed revisions to the wastage norms from the Norms Committee, which are currently under review. Consequently, under the powers conferred by Paragraphs 1.03 and 2.04 of the Foreign Trade Policy 2023, as amended, the DGFT has extended the suspension of Public Notice 05/2024 until September 15, 2024. During this interim period, the wastage norms outlined in Para 4.59 of the Handbook of Procedures 2023 and the SIONs MI to M7, as they existed before the issuance of Public Notice 05/2024, will be restored and applied.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
