Export of cut & polished diamonds with re-import facility at zero duty

In excercise of the powers conferred by sub-section (1) of section 25 of the Custom Act, 1962, the Central Government, being satisfied that it is necessary in the publice interest so to do, hereby makes the following further amendments in the notification of the Government of India No. 9/2012, namely-

in said notification,

(a)   After the proviso to condition (v), the following paragraph shall be inserted, namely-

"2.  Notwithstanding anything contained herein above, the exemption contained in this notification shall also be applicable,if the exportation and re-importation of cut and polished diamonds as stated above are undertaken by the authorised offices or agencies in India of the laboratories mentioned under paragraph 4.74 of Handbook of Procedures 2015-20 on behalf of the exporters subject to the fullfilment of conditions (ii), (iii), (iv) and (v) specified herein above and in the Foreign Trade Policy and Handbook fo Procedures."

 (b)  for explanation, the following explanation shall be substituted, namely,

"For the purposes of this notification, "Foreign Trade Policy" means the Foreign Trade Policy, 2015-20, published by the Government of India in the Ministry of Commerce and Industry.