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OFFICE OF THE
COMMISSIONER OF CUSTOMS, |
PUBLIC
NOTICE NO. 221 / 2001
Government of India, Ministry of
Finance, Department of Revenue, New Delhi, Notification No. 55/2001 – Cus vide
F.No. F.NO. 305/ 53/ 2001-FTT, dated 10.05.2001, is reproduced below for the
guidance of the importers, clearing agents and trading public.
C16/48/2001-AP (PORT) (S.
SANKARAVADIVELU)
CUSTOM HOUSE, CHENNAI-1. DY. COMMR. OF CUSTOMS (APPG)
DATE :17.09.2001
Notification
No. 55/2001-Customs
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 paragraph
8.13(b) of the Export & Import Policy, from the whole of duty of customs
leviable thereon which is specified in the said First Schedule, 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:-
(i) 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.
(ii) Each piece of cut &
polished diamonds so re-imported shall not be less than 0.50 of a carat in
weight.
(iii) Cut and polished diamonds
shall be re-imported within a period of three months from the date of
exportation.
(iv) 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 said paragraph 8.13(b),
namely:-
(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; and
(f)
World Diamond Centre of Diamonds High Council, Antwerp, Belgium.
(v) 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.
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.
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