The Finance Ministry has drafted the SOP to facilitate e-commerce jewelery exports through the courier route, as it seeks to provide a simpler regulatory framework for manufacturers and traders who wish to export jewellery. The Central Board of Indirect Taxes and Customs (CBIC) has invited feedback and suggestions from stakeholders by June 14 on the Standard Operating Procedure (SOP) for implementation of a simplified regulatory framework to facilitate export of precious metals and imitation jewelery through e- have done. Commerce in courier mode.
The CBIC has also proposed to amend the Courier Import and Export (Electronic Declaration and Processing) Regulations, 2010, and related forms and issued a notification stipulating the conditions for re-import of returned jewelery and the same to stakeholders. Ideas are invited from
Finance Minister Nirmala Sitharaman in the Budget for 2022-23 had announced the implementation of a simplified regulatory framework to facilitate export of jewelery through e-commerce.
This is followed by stakeholder consultation, which includes Express Industry Council of India (EICI), Gem & Jewelery Export Promotion Council (GJEPC), e-commerce operators, members of trade, Directorate General of Export Promotion, officers working in the Directorate General. systems and the formation of the Customs Zone, have been conducted.
“The feedback received through the above consultation has revealed that there is a need for a simpler regulatory framework for e-commerce export of jewelery through courier mode. This may be implemented through an SOP to bring uniformity and certainty in the process and steps may be taken to facilitate such exports through International Courier Terminals (ICTs),” the CBIC commented on the draft SOP. Inviting said.
“This SOP applies to e-commerce export of jewelery made of precious metals (whether studded or set out of precious or semi-precious stones)…. and imitation jewellery. In the initial phase, SOPs will be implemented on ECCS (Express Cargo Clearance System) at ICT Mumbai, ICT Delhi and ICT Jaipur.
AMRG & Associates Senior Partner Rajat Mohan said jewelery exports will bring in foreign exchange into the country and contribute to the net disposable income of Indian designers, artisans and skilled workers.
Mohan further added, “Integrating and easing jewelery exports through e-commerce platforms will boost the livelihood of lakhs of people engaged in this sector.”
The new rules state that export of jewelery through courier mode is permitted only after receipt of full advance and export of photographs of jewellery, product package/outer covering, product listing on e-commerce platform and hallmark certificate by customs. are uploaded to the system.
“Re-import of physically damaged or defective jewelery exported through courier mode is allowed subject to a number of conditions so as to keep the hazard manufacturers at bay. Such restrictions have been imposed to ensure that the original consignee returns the damaged goods to the original exporter within a short period of time initially,” Mohan said.
KPMG in India Partner (Indirect Tax) Abhishek Jain said that jewelery manufacturers and traders who want or want to export jewelery outside India should study these SOPs and notifications closely and give their suggestions in a timely manner.