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Regarding Exemption for customs duty on cut and polished diamonds imported by specified agencies in FTP

Customs - 40/2015 - Dated:- 21-7-2015 - [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 40/2015-Customs New Delhi, the 21st .....

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d polished diamonds falling under Chapter 71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported (for grading or certification and re-export out of India)by the laboratories and agencies (hereinafter referred to as the s .....

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sub-section (7) of section 3 of the Customs Tariff Act,1975 ], subject to fulfillment of the following conditions, namely: Table S.No. Name of laboratory/agency 1. Gemological Institute of America (GIA), Mumbai, Maharashtra, India 2. Indian Diamond .....

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sh a general bond to the satisfaction of the Assistant Commissioner/Deputy Commissioner of Customs at the port of import, undertaking to properly account for the diamonds, to follow the procedure specified in paragraph 4.75 of the Handbook of Procedu .....

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weight, colour, caratage, specification, approximate value, etc. of each piece of diamonds; (iii) the bill of entry should carry the endorsement only for certification and grading ; (iv) the said laboratories and agencies while taking the diamonds in .....

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tion as was mentioned at the time of their import; (vi) cross reference of bill of entry shall be endorsed in the shipping bill; (vii) the said laboratories and agencies shall submit alongwith the shipping bill, a certificate to the effect that the d .....

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d realise the foreign exchange for the service charges in terms of the Reserve Bank of India (RBI) guidelines; (ix) the Custom Officers may visit the premises of the said laboratories and agencies for audit or checks; (x) the diamonds imported for ce .....

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ent shall reflect the bill of entry number, date, details of diamonds and details of re-export, etc.; and (xii) re-export shall be allowed only from the port through which import took place. Explanation. -For the purposes of this notification,- (a) F .....

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