Regarding Exemption for customs duty on cut and polished diamonds imported by specified agencies in FTP - 40/2015 - Customs -Tariff

[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 21 st July, 2015 G.S.R 568 (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) , the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts cut and 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 said laboratories and agencies)notified in the Foreign Trade Policy and mentioned in the Table below, from the whole of the duty of customs leviable thereon which is 2 [specified in the First Schedule and from the whole of integrated tax leviable under 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 Institute, Surat, Gujarat, India 5 [ 3. De Beers India Private Ltd, Surat, Gujarat, India. ] 1 [4. HRD Diamond Institute Private Limited, Mumbai, Maharashtra. ] 3 [ 5. International Gemological Institute (India) Pvt. Ltd, Bandra Kurla Complex, Mumbai. ] 9 [6. Gemological Science International Pvt. Ltd., Mumbai, Maharashtra. ] (i) the said laboratories and agencies shall furnish 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 6 [ 4.74 ] of the Handbook of Procedures and to re-export diamonds within the period as mentioned in the said paragraph of Handbook of Procedures; (ii) the import shall be allowed under bill of entry having the detailed description of the diamonds, including inter alia, the dimensions, 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 their unit, shall allot a unique control number for identification purposes and maintain a separate account for such diamonds; (v) after gradingor certification, the diamonds shall be re-exported under a shipping bill containing the detailed description 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 diamonds being re-exported are the same as those imported; (viii) the said laboratories and agencies shall obtain Guaranteed Remittance (GR) waiver in respect of import and re-export as per the procedure laid down by the Reserve Bank of India (RBI) and 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 certification or grading shall be re-exported within a period of three months from the date of their import 4 [ .For those cases where the last date of re-export falls between 01.02.2020 and 31.07.2020, the last date stands extended by six months; ] ; (xi) the said laboratories and agencies shall submit a quarterly statement by 25 th of the month following the particular quarter and the statement 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,- 7 [ (a) Foreign Trade Policy means Foreign Trade Policy, 2023 notified by the Government of India, Ministry of Commerce and Industry published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub- section (ii) vide Notification No 1/2023, dated the 31st March, 2023 ; ] 8 [ (b) Handbook of Procedures means Handbook of Procedures, 2023 notified by the Government of India in the Ministry of Commerce and Industry published in the Gazette of India, Extraordinary, Part-I, Section-I vide Public Notice No 01/2023, dated the 1st April, 2023 .] [F.NO.: DGEP/G J/428/2006] (ANAND UPADHAY) Under Secretary to the Government of India -------------------- Notes:- 1. Inserted vide Not. 25/2016 - Dated 30-3-2016 2. Substituted vide Not.61/2017 - Dated 30-6-2017 , before it was read as, 1st July, 2017, specified in the said First Schedule 3. Inserted vide Notification No. 24/2020 - Customs dated 21-05-2020 4. Inserted vide Notification No. 24/2020 - Customs dated 21-05-2020 5. Substituted vide NOTIFICATION NO. 20/2022 - Customs dated 06-04-2022 before it was read as 3. International Institute of Diamond Grading Research India Pvt. Ltd., Surat, Gujarat, India 6. Substituted vide Notification No. 28/2023 Customs, dated 01.04.2023 , before it was read as, 4.75. 7. Substituted vide Notification No. 28/2023 Customs, dated 01.04.2023 , before it was read as, (a) Foreign Trade Policy means the Foreign Trade Policy, 2015 -2020 notified by the Government of India in the Ministry of Commerce and Industry, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) vide notification No. 01/2015-2020, dated the 1 st April, 2015 8. Substituted vide Notification No. 28/2023 Customs, dated 01.04.2023 , before it was read as, Handbook of Procedures means the Handbook of Procedures notified by the Government of India in the Ministry of Commerce and Industry, published in the Gazette of India, Extraordinary, Part-I, Section 1 vide Public Notice No. 01/2015-2020, dated the 1 st April, 2015 9. Inserted vide Notification No. 29/2023 Customs, dated 03.04.2023 .