Seeks to hereby exempts rough diamonds and other precious or semi-precious stones - 027/2001 - Customs -Tariff

Seeks to hereby exempts rough diamonds and other precious or semi-precious stones 5thMarch, 2001 Notification No. 27/ 2001-Customs G.S.R. (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 rough diamonds and other precious or semi-precious stones, unset and uncut, falling under Chapter 71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India, from the whole of the duty of customs leviable thereon under the said First Schedule and the additional duty, if any, leviable thereon under section 3 of the said Customs Tariff Act, subject to the following conditions, namely:- (a) the imports are made under a ,- i. Replenishment Licence issued under and in accordance with paragraph 8.2 of the Export and Import Policy read with paragraph 8.3 of the Handbook of Procedures, Vol. I; ii. Diamond Imprest Licence issued under and in accordance with paragraph 8.3 of the Export and Import Policy read with paragraphs 8.11 and 8.12 of the Handbook of Procedures, Vol. I; iii. Bulk Licence issued under and in accordance with paragraph 8.10 of the Export and Import Policy read with paragraphs 8.21 to 8.25 of the Handbook of Procedures, Vol. I; iv. Replenishemnt licence issued under and in accordance with paragraph 8.37 of the Export and Import Policy read with paragraphs 8.82 to 8.84 [A] of the Handbook of Procedures, Vol. I; or v. Gem Replenishment Licence issued under and in accordance with paragraph 8.38 of the Export and Import Policy ; (b) in case of rough diamonds imported under S.Nos. (ii) or (iii) of para (a) above, the importer executes a bond in such form and for such sum as may be specified by the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, and furnishes a bank guarantee for a sum equivalent to the duty leviable on the said rough diamonds so imported, undertaking himself to achieve the export obligation as stipulated in the Export and Import Policy and Handbook of Procedures, Vol. I and binding himself to pay on demand duty on the said rough diamonds along with the interest thereon at the rate of twenty-four per cent. per annum on the said duty from the date of the duty free importation till the date of payment of duty, in the case of non-fulfilment of export obligation or any other conditions as stipulated in the Export and Import Policy or Handbook of Procedures, Vol. I; and (c) the importer shall maintain a proper account of import, consumption and utilization of the said goods and exports made by him, as the case may be, and shall submit such account to the said Deputy Commissioner or Assistant Commissioner of Customs, as the case may be, in such form, in such manner, at such intervals and within such time, as may be specified by the Commissioner of Customs in this regard. 2. This notification shall be in force upto and inclusive of the 31st day of March, 2001. Explanation .- For the purposes of this notification,- a. "Export and Import Policy" means the Export and Import Policy, 1997-2002, notified by Government of India in the Ministry of Commerce, vide notification No. 1 (RE-99)/1997-2002 dated the 31st March, 1997, as amended from time to time b. "Handbook of Procedures, Vol. I" means the Handbook of Procedures, Volume I, published vide Public Notice of the Government of India in the Ministry of Commerce, No. 1 (RE-2000)/ 1997-2002, dated the 31st March, 2000, as amended from time to time. (Prashant Kumar Sinha) Under Secretary to the Government of India F.No.B-5/1/2001-TRU