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Bulk licences for rough diamonds
Notification
No. 39 dated 26th February 1998
In exercise of powers
conferred by Section 5 of the Foreign Trade (Development and Regulation) Act,
1992 (No.22 of 1992) read with paragraph 1.3 of the Export and Import Policy,
1997-2002 published in the Gazette of India extraordinary, Part-ll, Section
3-Sub-sectlon (ll) vide S.NO. No.283 (E) dated 31.3,97, the Central Government
hereby makes following amendments in the Export and Import Policy, 1997 -2002:
1.
Para 8.10 of Exim Policy shall be amended to read as:
Bulk licence
for rough diamonds are issued for import of rough diamonds form any source; with
an obligation to supply such diamonds to the holder of valid REP/ Diamond
Imprest Licence, EOU/ EPZ units or to re-export the same. The supply/ export of
such rough diamonds shall be completed within a period of 12 months from the
date of issuance of licence.
2.
Para 8.11 of Exim Policy shall be amended to read as:
The following
persons are eligible to apply for Bulk Licences in accordance with the procedure
specified in this behalf.
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M/ s.
Hindustan Diamond Company Ltd. (HDCL), Mumbai;
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MMTC Ltd.,
New Delhi;
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Exporter
whose annual average FOB value of export of cut and Polished diamonds during
the precedinthree licensing years has been not
less than Rs. 75 Crores.
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Any
overseas company with its branch office in India whose annual average
turnover in diamonds during the preceding three licensing years is not less
than Rs. 150 Crores.
3.
Para 8.13 of Exim Policy shall be amended to read as:
Private/
Public Bonded warehouse
Private/
Public Bonded warehouses may be set up in EPZ/ DTA for import and re-export of
cut & polished diamonds, cut & polished coloured gemstones, import and
re-export of rough diamonds, uncut & unset precious & semi-precious
stones and DTA sales of rough diamonds, uncut & unset precious &
semi-precious stones against REP/ GEM REP/ Diamond Imprest Licences subject to
payment of customs duty wherever applicable; notwithstanding anything contained
in para 9.21 of Exim Policy. These private/ public bonded warehouses for selling
rough diamonds, uncut & unset precious & semi-precious stones in DTA
shall follow the procedure given in para 8.24 and 8.25 of Handbook of Procedures
Vol-I. Import & re-export of cut & polished diamonds & cut &
polished coloured gemstones will be subject to achievement of minimum value
addition of 5%.
This issues in public interest.
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