In a bid to give a boost to the fast-growing gems and jewellery exports, the new Exim Policy has allowed units in Special Economic Zones and Export Oriented Units to bring in gold, silver and platinum against their export earnings.
The new policy, unveiled by Commerce Minister Arun Jaitley in New Delhi on Monday, also suggested diamond and jewellery dollar account for exporters dealing in purchase or sale of diamonds and diamond-studded jewellery.
In addition, the policy said nominated agencies will be permitted to accept payment in dollars for the cost of import of precious metal from Export Earning Foreign Currency account of exporters.
The policy also allows SEZ units to sell all products, including gems and jewellery, through exhibitions and duty-free shops or those in foreign land.
Gems and Jewellery exporters so far could bring their export earnings only in cash but now they can bring export proceeds in kind.
It has further allowed export oriented units of gems and jewellery to subcontract up to 50 per cent of the overall production of previous year in value terms for job work with the permission of the customs authorities.
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