25RE-2013)/2009-2014 dt. 03/07/2013

 

Amendment in Para 4A.2.1 and 4A.2.2 of FTP

 TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY
PART-II, SECTION-3, SUB SECTION (ii)
 
GOVERNMENT OF INDIA
MINISTRY OF COMMERCE AND INDUSTRY
DEPARTMENT OF COMMERCE
 

NOTIFICATION NO.25 (RE-2013)/ 2009-2014

NEW DELHI, DATED The 3rd July, 2013

 

                 In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with paragraph 1.2 of the Foreign Trade Policy, 2009-2014, the Central Government hereby notifies the following amendments in the Foreign Trade Policy(FTP) 2009-2014.
Para 4A.2.1 and Para 4A.2.2 of FTP are being amended to allow reduction in size of diamond from ‘0.25 carat and above’ to ‘0.10 carat and above’ for certification by authorised laboratories in India and abroad (and re-import duty free in case of export after certification). After amendment the opening portion of the amended paras 4A.2.1 & 4A.2.2 would read as under:-
“4A.2.1 Following are authorised laboratories for certification/grading of diamonds of 0.10 carat and above:.........”
 “4A.2.2 An exporter (with annual export turnover of Rs 5 crores for each of the last three years) may export cut & polished diamonds (each of 0.10 carat or above) to any of the above agencies/laboratories with re-import facility at zero duty within 3 months from the date of export.”
 
Effect of this Notification: Cut & polished diamonds of 0.10 carat or above can be exported and thereafter re-imported duty free after certification by authorised laboratories. Earlier this was allowed for diamonds of size 0.25 carat and above only.
 

 

(Anup K. Pujari)
Director General of Foreign Trade and
 E-mail:dgft@nic.in

 

Opinion

This notification seeks to amend in Para 4A.2.1 and 4A.2.2 of FTP reducing the size of diamond from ‘0.25 carat and above’ to ‘0.10 carat and above. Cut & polished diamonds of 0.10 carat or above can be exported and thereafter re-imported duty free after certification by authorised laboratories. Earlier this was allowed for diamonds of size 0.25 carat and above only.