PRECIOUS METALS-IMPORTS :
 
 
Items imported by Precious Metals Division :
   
S.No. Item Denomination
   
Gold Kg Bar, 100 gm bars, others
   
Silver Standard Bar & Grains
   
Platinum 1,5 10 Tr. Oz Bar & Grains
   
Palladium 1 Kg Bar
   
Rough Diamonds  
   
Coloured Stones Rubies, Emeralds & other semi-precious stones
   
 
Details of Bullion Imports
MMTC imports and supplies bullion to the exporters under various provisions of the Foreign Trade policy. Different schemes being followed are as under :
 
 
   A) MMTC’S BULLION SUPPLY SCHEMES FOR BUYERS:
 
FOR EXPORTERS:
- On Loan
- Outright Basis
- On Replenishment Basis
 
  ON LOAN :
 
Exporters wishing to avail gold on Loan Scheme from MMTC need to be registered by submitting information in the prescribed format. Loan facility is extended against Bank Guarantees of required values covering cost of gold and custom duty. To be repaid and exported within prescribed days as per Foreign Trade Policy by purchasing equivalent quantity of gold at LME price prevailing on the date of purchase along with fixing commission, CIP premium & service charges etc. Interest as applicable for the period of loan based on interest rates fixed by MMTC will be charged.
 
  OUTRIGHT PURCHASE :
 
Application for outright purchase has to be submitted along with the notional value of gold (in the form of DD/Banker’s cheque/ High value cheque) intended to be purchased by the party and BG for customs duty with any nearby MMTC Office. Delivery would be against the price fixation payable along with fixing commission, CIP, delivery charges and MMTC's service charges etc. Gold would be delivered to an authorized representative of the exporter against payment of the differential if any, of actual and notional value.
 
  ON REPLENISHMENT BASIS :
 
Exporters wishing to avail gold on replenishment basis from MMTC need to register themselves with their application in prescribed format with any nearby MMTC Office. The quantity of precious metal booked shall be equivalent to the precious metal content in the exported product and the admissible wastage. An initial deposit of 20% of the notional price declared by MMTC will be made with registration. Delivery of gold would be made against receipt of full payment together along with interest.
 
  B) FOR SALES TO DOMESTIC USERS:
 
- On Loan

- On Outright Basis
 
  ON LOAN :
 
Customer to register in the prescribed format with a bank guarantee covering 110% notional value of the material. The maximum period of loan is 90 days. The customer has the flexibility to fix the price of gold on any working day within the loan period and pay the cost of material with interest as applicable.

At the time of repayment of gold loan the customer will deposit Demand draft/ Pay order covering the value of Gold, custom duty, clearing and handling, storage charges, service charges plus any other incidentals. In case of committed consignments customers would be required to submit EMD of 10%. At the time of repayment of loan customer to deposit value of the metal, based on the price fixed with the supplier with interest rate as applicable. Other charges like sales tax/VAT, OCTROI and local taxes etc. shall be applicable as prevailing in the state.
 
  OUTRIGHT BASIS :
 
Customers are required to register themselves with MMTC. They have to pay the value by way of demand draft/ banker's cheque/ etc. in respect of quantity of gold required at a notional price fixed by MMTC for that day. Delivery of material is given to customers after receipt of the amount in MMTC's bank account.

C) ON L/C BASIS: Imports can also be undertaken on Usance L/C basis as per RBI guidelines. Indent can be placed on MMTC by depositing EMD (this value is calculated on 110% or stop loss clause. L/C shall be opened by MMTC on foreign supplier. The balance to be deposited by the buyer to MMTC prior to taking delivery of material which shall be converted into an FDR along with amount paid as EMD earlier.
 
  BANK GUARANTEE :
 
a) The exporters who wish to procure gold from MMTC are required to submit bank guarantees from nationalized banks covering the value of gold/ custom duty as applicable. Bank guarantees issued by scheduled/ private banks are acceptable. The issuing bank should confirm to the following norms :

i) Minimum net worth of the bank should be Rs. 100 crores

ii) Minimum Capital Adequacy Ratio (CAR) should be 9%.

b) For availing gold under loan scheme of MMTC the exporter is required to submit two Bank Guarantees (B. Gs) from banks fulfilling above norms. The first Bank Guarantee which is the main Bank Guarantee shall cover the prevailing notional value of gold being taken on loan and the second or the differential Bank Guarantee shall be towards the value of custom duty with element of interest for the material being lent. The proforma B.Gs can be obtained from MMTC's office.

c) The exporters who wish to avail gold under MMTC's Outright Purchase Scheme have to submit B.G. covering the cost of custom duty including interest for 120 days or the maximum period allowed for exports from Banks.
 
  ADDITIONAL FACILITIES IN RESPECT OF BULLION OPERATIONS :
 
i. Spot rate fixing with suppliers up to 11:00 PM on working days.
ii. Delivery of bullion beyond office hours up to 8:00 PM on working days and Saturday.
Exporters who wish to avail gold under these schemes have to submit the information/ documents listed below on their Company's letter head. All the documents should be self-attested :-

i.Name of the Firm/ Company :

ii.Address with Tele. & Fax Nos.

iii.RCMC (Registration-cum-Membership Certificate) No. issued by GJEPC :

iv.I.E Code No.
:
- do -

v.Latest ITC C
:
- do -

vi.Sales Tax Regn. No./TIN No
:
- do -

vii.Custom Regn. No.

viii.PAN No.

ix.Constitution

A)Proprietorship
:
Name & add. of the proprietor

B)Partnership firm
(Copy of Partnership Deed to be furnished
If Registered, a copy of Registration Certificate to be attached):
Name of the firm
1.
2.
3.

C)Limited Company
(Copy of Memorandum of Association/ Articles of Association, Audited Balance Sheet for the Last Year) :
Name of the Directors
1.
2.
3.

x.Bankers with Address :
1.
2.

xi.Banker's Confidential Report:

xii.Name of the Partner/ Proprietor/ Directors, authorised to sign application.
(A set of their specimen signature, duly attested by their Bankers to be submitted/ self attested recent photograph):

xiii.Affidavit to the effect that Exporter
has not been debarred/ blacklisted alongwith

Declaration.

xiv. Relevant S Tax /VAT declaration
xv. Copy of passport of Proprietor/Partners / Directors
 
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