8.26(b) Licence for establishment of Private/public Bonded Warehouses may be issued under paragraph 8.13 of EXIM Policy. Private /Public Bonded warehouses, in addition to the present scheme, may be operate under the Diamond Doller Account Scheme. While making the application for Private/Public Bonded Warehouses the applicant will specifically give a declaration to this effect to the Assistant Commissioner of Customs (ACC) who will, while issuing the licence for Private/Public Bonded warehouses, make an endorsement on this licence that payment for import of rough diamonds against Private/Public Bonded Warehouses licence shall be made from Diamond Dollar Account only. Private/Public Bonded Warehouses can sell rough diamonds againt production of valid Diamond Imprest Licence/Replenishment Licence/Gem & jewellery Replenishment Licence to a buyer, who is operating under the Diamond Dollar Account Scheme. Buyer will make payment for purchase of such rough diamonds in dollers from his Diamond Dollar Account. Private/Public Bonded Warehouses shall follow the procedure as given in paragraph 8.24 and 8.25 of Handbook (Vol.1). Private/Public Bonded Warehouses will be able to import rough diamonds by making payment from his Diamond Doller Account and will submit Licence issued under this scheme to Customs Authorities at the time of clearance.

Private/Public Bonded Warehouses operating under DDAS are also permitted to sell to an exporter not operating under DDAS against valid Diamond Imprest Licence/Replenishment Licence/Gem & jewellery Replenishment licence but against payment in Doller obtained from the bank by debiting exporter"s Exchange Control copy of the licence, and the payment so received shall be credited to the Diamond Doller Account of the owner of Private/Public Bonded Warehouses".

(The above paragraph has been amended vide Public Notice No.40(RE-00)/1997-2002 dated the 1st November,2000)