DGFT extends abeyance of Public Notice on Permissible Wastages and SIONs for Jewellery Exports until December 31, 2024

Fri Nov 01 2024

The Directorate General of Foreign Trade ( DGFT ) has extended the temporary suspension of Public Notice 05/2024, issued on May 27, 2024, until December 31, 2024. This suspension was based on the request from the Gem & Jewellery Export Promotion Council ( GJEPC ), aiming to address concerns over permissible wastage limits and Standard Input Output Norms ( SIONs ) applicable to jewellery exports.

Public Notice 05/2024 was initially introduced to revise wastage allowances and SIONs concerning the content of gold, platinum, and silver in export products. However, in response to industry representations, particularly from GJEPC, the DGFT first placed the notice in abeyance until July 31, 2024, through Public Notice 06/2024 issued on May 28, 2024. The suspension was subsequently extended to August 31, 2024, and further to September 15, 2024, as the DGFT considered the industry’s request. Currently, the revision of SIONs is in the process. To facilitate this process, the DGFT, under its powers granted by Paragraph 1.03 and 2.04 of the Foreign Trade Policy 2023 ( as amended ), has extended the suspension of Public Notice 05/2024 until the end of December 2024. In the interim, the wastage norms specified in Paragraph 4.59 of the Handbook of Procedures 2023, along with SIONs MI to M7, are reinstated to their pre-Notice 05/2024 status.

Source: https://www.taxscan.in/