| Date: |
04-01-1997
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| Notification No: |
Customs Circular No 2/1997
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| Issuing Authority: |
Indian Customs
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| Type: |
Circular
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| File No: |
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| Subject: |
Diamond Credit Pass Book Scheme - Issue of Notification No. 79/96-Cus, dated 8.10.96
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Diamond Credit Pass Book Scheme - Issue of Notification No. 79/96-Cus,
dated 8.10.96
Circular No.
2 dated 4th January 1997
I am directed to say that a scheme
has been framed by the Government for import of rough diamonds and export of
cut & polished diamonds in terms of Para 79 A of the Exim policy.
Appendix-I of the policy provides for import of special industrial adhesives
etc. to facilitate the export of cut & polished diamonds. Accordingly
Notification No. 79/96-Cus. dated 8.10.96 has been issued providing for
exemption from duty on special industrial adhesives, gums and solutions and
synthetic diamond powder upto 1% of the Free on Board (FOB) value of the export
of cut and polished diamond, when imported into India by the exporters of cut
and polished diamonds operating under "Diamond credit book Scheme"
notified by the Govt. of India, Ministry of Commerce, vide notification No. 12
(RE-95)/92-97 dated the 1st December., 1995 from (i) the whole of the duty of
customs leviable thereon, which is specified in the first schedule to the
customs Tariff Act 1975 (51 of 1975); (ii) the whole of the special duty of
customs leviable thereon under clause 66 of the Finance Act, 1996 (iii) the
whole of the additional duty leviable thereon under section 3 of the said
customs Tariff Act. DGFT is separately notifying the proforma of the new
passbook for this purpose.
2.�������� The
above may be brought to the notice of all concerned/ Trade by issue of a
suitable Public Notice.
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