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Amendment in Para 4.44 of Chapter 4 of the Foreign Trade Policy (FTP) 2015-20

MINISTRY OF COMMERCE AND INDUSTRY

(Department of Commerce)

(DIRECTORATE GENERAL OF FOREIGN TRADE)

NOTIFICATION

New Delhi, the 22nd February, 2017

No. 39 /2015-2020

 

Subject: Amendment in Para 4.44 of Chapter 4 of the Foreign Trade Policy (FTP) 2015-20

S.O. 596(E).—In exercise of powers conferred by Section 5 of FT (D&R) Act, 1992, read with paragraph 1.02 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government hereby makes following amendments in para 4.44 of Chapter 4 of Foreign Trade Policy 2015-20.

1. The existing Para 4.44 of FTP 2015-20 reads as under:

4.44 Export of Cut & Polished Diamonds with Re-import Facility at Zero Duty

“An exporter (with annual export turnover of Rs. 5 crores for each of the last three years) may export cut & polished diamonds (each of 0.25 carat or above) to any of the agencies/laboratories mentioned under paragraph 4.74 of Handbook of Procedures with reimport facility at zero duty within 3 months from the date of export. Such facility of reimport at zero duty will be subject to guidelines issued by Central Board of Customs & Excise, Department of Revenue”.

2. The amended Para 4.44 of FTP 2015-20 is to be read as under:

4.44 Export of Cut & Polished Diamonds with Re-import Facility at Zero Duty

“An exporter (with annual export turnover of Rs 5 crores for each of the last three years) or the authorised offices / agencies in India of laboratories mentioned under paragraph 4.74 of Handbook of Procedures may export cut & polished diamonds (each of 0.25 carat or above) to any of the agencies/ laboratories mentioned under paragraph 4.74 of Handbook of Procedures 2015-20 with re-import facility at zero duty within 3 months from the date of export. Such facility of export and subsequent reimport at zero duty will be subject to guidelines issued by Central Board of Customs & Excise, Department of Revenue”.

3. Effect of Notification : The facility for export and re-import of cut and polished diamonds at zero duty for the purpose of certification and grading has been extended to the authorised offices/ agencies in India of laboratories mentioned under paragraph 4.74 of Handbook of Procedures 2015-20.

[F.No. 01/94/180/52/AM16/PC-4]

AJAY KUMAR BHALLA, Director General of Foreign Trade

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