PRECIOUS METALS, GEMS & JEWELLERY
MMTC Limited is one of India’s Premier bullion trader, handled more than 1,74,000 Kgs of Gold & 1165.38 MTs of Silver during 2011-12. The Precious Metals Division has consistently contributed significant proportion of the total turnover of the Company.
MMTC is an authorized agency of the Government of India for import of gold, silver, platinum, palladium, rough diamonds, emeralds, rubies and other semi-precious stones and supply these items to jewelers in India for domestic sales and exports. MMTC is the custodian for import & export of Precious cargo at SEEPZ, SEZ Mumbai.
MMTC operates in-house assaying and hallmarking unit at New Delhi, Jhandewalan Jewellery Complex for testing purity of gold/silver and gold/silver articles.
MMTC has a medallion unit in New Delhi since 1996 for manufacturing its own brand of gold and silver medallions. Customized requirements for corporate/institutional orders for medallions are also serviced from here throughout the year.
Precious Metals-Imports :
|Items imported by Precious Metals Division :|
|Gold||Kg Bar, 100 gm bars, others|
|Silver||Standard Bar & Grains|
|Platinum||1,5 10 Tr. Oz Bar & Grains|
|Palladium||1 Kg Bar|
|Coloured Stones||Rubies, Emeralds & other semi-precious stones|
|Details of Bullion Imports|
|MMTC imports and supplies bullion to the exports and domestic users under the various provisions of the Foreign Trade Policy. Proforma of application for registration of exporters and domestic users under various schemes are given at Annex – I & II to deal with concerned regional offices of MMTC.|
Different schemes being followed are as under :
|A) FOR EXPORTERS:|
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 & service charges etc. Interest as applicable for the period of loan based on interest rates fixed by MMTC will be charged.
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 Bank Guarantee 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.
Exporters wishing to avail gold on replenishment 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, export documents and BRC. MMTC Limited is operating all replenishment schemes as per EXIM policy in vogue.
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. 300 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 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 Bank Guarantee shall be towards the value of custom duty with element of interest for the material being lent. The Proforma for different amount, Bank Guarantee can be obtained from MMTC's office.
c) The exporters who wish to avail gold under MMTC's Outright Purchase Scheme have to submit Bank Guarantee covering the cost of custom duty including interest. The Proforma of Bank Guarantee can be obtained from MMTC Office.
B) Sales To Domestic Users
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 as per purchased price and quantity.
Import of Rough Diamonds & Coloured Stones
MMTC is the nodal agency for import of rough diamonds from South Africa and Russia under the trade protocol signed between the Governments of India and Russia.
Coloured semi-precious stones - MMTC deals in rubies, emeralds and other semi precious stones. Raw material is being directly procured from the miners of Brazil, Zambia, Kenya, Zimbabwe and Russia.
Criteria for empanelment as a supplier
The criteria for empanelment of Bullion supplier should be international supplier of repute, a member of London bullion Market Association (LBMA) and can supply bullion on consignment basis. An Agreement is entered between MMTC, Corporate office and supplier on long term basis and the imports are done by Regional Offices (RO’s) situated in different parts of India.
|Contact persons for trade related enquires:
Mr. Sanjay Anand, General Manager(Precious Metals)
Nodal Officers for Supply of Gold to Exporters:
Tele: 0091-11- 46859556, 24361879
MMTC Regional & Sub Regional contact details :
Delhi Regional Office
PROFORMA OF APPLICATION FOR REGISTERATION OF EXPORTERS
(To be submitted on the Letter Head of the Applicant)
i. Name of the Firm/Company :
ii. Address with Tele. & Fax No. :
and E-mail address
iii. RCMC :
Certificate) No. issued by GJEPC
Copy to be enclosed
iv. I.E. Code No. :
v. Latest ITCC (submitted or not) :
vi. Sales Tax Regn. No. (TIN No.) :
vii. Custom Regn. No. :
viii. PAN No. :
ix. Constitution :
A) Proprietorship :
Name and address of Proprietor
B) Partnership firm :
Name and address of partners
(Copy of Partnership Deed along with a copy of 1.
Registration certificate to be attached.) 2.
C) Limited Company
Name and address of Directors 1.
(Copy of Memorandum of Association /Article 2.
Of Association, Audited balance Sheet for the 3.
Last year to be attached)
x. Bankers name with Address & A/c.No. :
xi. Bankers status/Report
xii. Name of the Partner/Proprietor/Directors, :
authorized to sign the application.
(A set of their Specimen signature along-with
duly self-attested recent photograph –
Signatures are to be attested by company
xiii. Affidavit to the effect that :
Exporters has not been Debarred/
Black-listed is attached along with a
Declaration as at Annexure-IV(a)
vix. Relevant sales tax declaration :
from exporter should be obtained
before delivery of the material.
xv. Copy of Passport of Proprietor/Partners/Directors:
Note: All the photocopies of the documents submitted by exporter
for Registration is to be self attested as true certified
copies and originals to be seen by MMTC’s dealing official.
ANNEX. - II
REQUEST FOR ENROLMENT UNDER OGL SCHEME
(To be submitted on the Letter Head of the Applicant)
We want to draw Gold / Silver under your OGL Outright scheme. The details of our firm are given below:
1. Name of Firm :
2. Address with Tel. & Fax Nos. :
3. Trader / Manufacturer :
4. TIN No. :
(Copy to be enclosed)
5. PAN No. :
(Copy to be enclosed)
6. Partnership/Company/Proprietor :
(Copy of partnership deed/MOA to be
7. Name of Directors/Partners/Proprietor :
(Declaration as per format to be enclosed
8. Name of Bankers with Address :
Tel. & Fax No.
9. Name of Authorised partners/ :
Directors/Proprietor to sign the
document for gold transactions
(A set of their specimen signatures duly
attested by their bankers to be submitted)
10. Security Details (if any) :
The self attested copies of the documents are enclosed herewith. Kindly enroll our firm under OGL scheme and release gold / silver as per our entitlement.
Signature & Stamp of Prop./DIR/Partner