image

DGFT – Amendments in FTP – Para 4A.2.1 and 4A.2.2

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

(Issued from F. No. 01/ 94 / 180 /165 / AM12 / PC-4)

profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

Corporate Law Referencer

Recent Articles

Recent Legal updates

Recent Gst Updates