(This notification has been rescinded vide CUS NTF NO. 59/2008 DATE 05/05/2008)

Ntf. No. 55/2001-Cus dated the 16th May, 2001

Cut & Polished Diamonds Re-import after Certification/Grading - No Addl. Customs Duty

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 cut and polished diamonds falling within Chapter 71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when re-imported into India after certification/grading by the laboratories/agencies mentioned in condition (iv), in terms of 4A.2 [OLD paragraph 4.4.2] of the Foreign Trade Policy, from the whole of duty of customs leviable thereon which is specified in the said First Schedule, [OMITTED - and from the whole of the additional duty leviable thereon under section 3 of the said Customs Tariff Act,] subject to fulfilment of the following conditions, namely:-

(Opening paragraph has been substituted vide CUS NTF NO. 21/2006 DATE 01/03/2006)

(In the preamble the words "and from the whole of the additional duty leviable thereon under section 3 of the said Customs Tariff Act," has been omitted vide CUS NTF NO. 67/2004 DATE 09/07/2004)

(Substituted vide CUS NTF NO.64/2002 DATE 24/06/2002)

1. Cut and polished diamonds are re-imported by gems and jewellery exporters having a track record of at least three years and having an annual average turnover of five crore rupees and above during the preceding three licensing years.
   
   
2. Each piece of cut & polished diamonds so re-imported shall not be less than 0.25 of a carat in weight.
   
   
3. Cut and polished diamonds shall be re-imported within a period of three months from the date of exportation.
   
   
4. Cut and polished diamonds shall be allowed to be re-imported only on production of certification/grading report from the following laboratories/agencies, in terms of paragraphs 4A.2 and 4A.2.1 [OLDsaid paragraph 8.13(b)], namely:-
   
   (Condition (iv) has been substituted vide CUS NTF NO. 21/2006 DATE 01/03/2006)
   
   (a) Gemological Institute of America (GIA);
   
   (b) The Robert Mouawad Campus;
   
   (c) International Gemological Institute (IGI);
   
   (d) European Gemological Laboratory (EGL) in USA;
   
   (e) Hoge Raad voor Diamond (HRD), Antwerp, Belgium;
   
   (f) World Diamond Centre of Diamonds High Council, Antwerp, Belgium.
   
   (g) Central Gem Laboratory, Miyagi Building, 5-15-14 Ueno Taito-Ku, Tokyo, Japan.
   
   (h) American Gem Society Laboratories (AGS Laboratories), 8917 West Sahara Avenue, Las Vegas, Nevada 89117.
   
   (i) Diamond Trading Company, Maidenhead, United Kingdom.
   
   (j) M/s International Diamond Laboratories DMCC, Dubai
   
   
   (In condition (iv) entry (j)has been inserted vide CUS NTF NO. 76/2007 DATE 06/06/2007)
   
   (In condition (iv) entry (i)has been inserted vide CUS NTF NO. 44/2006 DATE 17/05/2006)
   
   (In condition (iv) entry (e) has been substituted & entry (h)has been inserted vide CUS NTF NO. 83/2005 DATE 15/09/2005)
   
   (In condition (ii) figure 0.5 has been substituted & in condition (iv) entry (g)has been inserted vide CUS NTF NO. 50/2005 DATE 20/05/2005)
   
   
5. Cut and polished diamonds so re-imported shall match with corresponding diamonds mentioned in the invoice at the time of exportation in terms of value, height, circumference and weight.

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 agents in India of the laboratories/agencies as mentioned above on behalf of the exporters subject to fulfilment of the conditions specified herein above and in the Foreign Trade Policy and Handbook of Procedures Volume I";

(Paragraph 2 has been inserted vide CUS NTF NO.64/2002 DATE 24/06/2002)

Explanation.- For the purpose of this notification, 'Foreign Trade Policy' means the Foreign Trade Policy, 1st September, 2004- 31st March, 2009 ''published by the Government of India in the Ministry of Commerce and Industry vide notification No. 1/2004-09, dated the 31st August, 2004, as amended from time to time.

(In above notification words "Foreign Trade Policy" & Explanation has been subsituted vide CUS NTF NO. 87/2004 DATE 06/09/2004)

[OLD-
Explanation.-For the purpose of this notification, "Export and Import Policy" means the Export and Import Policy, 1st April, 2002-31st March, 2007, published vide notification of the Government of India in the Ministry of Commerce and Industry vide No.1/2002-2007, dated 31st March, 2002, as amended from time to time. ]

(Explanation has been substituted vide CUS NTF NO.64/2002 DATE 24/06/2002)

[OLD Explanation- For the purposes of this notification, "Export and Import Policy" means the Export and Import Policy, 1st April, 1997-31st March, 2002, published vide notification of the Government of India in the Ministry of Commerce, No. 1/1997-2002, dated 31st March, 1997, as amended from time to time.]

Sd/-
(Rajendra Singh)
Under Secretary to the Government of India

(Please refer CUS CIR NO. 17/2006 DATE 01/06/2006)

(Please refer CUS CIR NO. 81/2003 DATE 05/09/2003)

(Please refer Cus Cir No.37/2002 Date 28/06/2002)

(Notification No.55/2001 has been last amended vide CUS NTF NO.64/2002 DATE 24/06/2002)

(Please see Cir No.31/2001 Cus dt.24/05/2001)

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