FinMin has issued a SoP proposal for the export of e-commerce jewelry via courier

FinMin has issued a SoP proposal for the export of e-commerce jewelry via courier

The finance ministry has released a draught SoP for easing e-commerce jewellery exports via courier, with the goal of providing a streamlined regulatory environment for jewellery makers and tra-ders. The Central Board of Indirect Taxes and Customs (CBIC) has asked stakeholders for feedback and suggestions on the Standard Operating Procedure (SoP) for the implementation of a simplified regulatory framework to facilitate the export of precious metals and imitation jewellery via e-commerce in courier mode by June 14th.

Subsequently, stakeholder consultations, including those with the Express Industry Council Of India (EICI), Gems and Jewellery Export Promotion Council (GJEPC), e-commerce operators, members of the trade, officers working in the Directorate General Of Export Promotion, Directorate General of Systems and Customs field formations, have been held.

The CBIC also proposes to amend the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010, and related forms and come out with a notification prescribing conditions for reimport of returned jewelry and has invited views from stakeholders on the same. Finance Minister Nirmala Sitharaman had in the 2022-23 Budget announced the implementation of a simplified regulatory framework to facilitate the export of jewelry through e-commerce.

”The feedback received through the aforesaid consultations showed that a simplified regulatory framework is required for e-commerce exports of Jewellery through courier mode. This can be implemented through an SoP for bringing uniformity and certainty on the process and steps to be followed to facilitate such exports via International Courier Terminals (ICTs),” the CBIC said inviting comments on the draft SoP.

AMRG & Associates Senior Partner Rajat Mohan said the export of jewelry would bring foreign exchange to the country and contribute to the net disposable income of Indian designers, artisans, and skilled job workers. ”Integrating and easing jewelry export through e-commerce platforms would boost the livelihood of millions of people engaged in the sector,” Mohan further said.

”This SoP is applicable on e-commerce export of jewelry made of precious metals (whether or not studded or set with precious or semi-precious stones) …. and imitation jewelry… In the initial phase, the SoP will be implemented on ECCS (Express Cargo Clearance System) at ICT Mumbai, ICT Delhi, and ICT Jaipur,” the CBIC added.

The new rules stipulate that jewelry export through courier mode is permitted only after receipt of full advance and photos of the export jewelry, product package/outer covering, product listing on the e-commerce platform, and Hallmark certificate are uploaded on the customs system.

”Reimports of physically damaged or defective Jewellery exported through courier mode is permitted subject to several conditions to keep menace makers at bay. Such restrictions are imposed to ensure that the original consignee returns initially shipped damaged goods to the original exporter within a short period,” Mohan said.

KPMG in India Partner (Indirect Tax) Abhishek Jain said the jewelry manufacturers and traders involved in/ or intending to export jewelry out of India should closely study these SOP(s) and notifications and provide their suggestions promptly.

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