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Exemption to import of rough diamonds and other precious or semi-precious
stones, unset and uncut from Custom Duties
Notification
No. 27 dated 5th March 2001
This
notification has been superseded by Notification No. 35
dated 30th March 2001.
In
exercise of the power 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 rough diamonds and
other precious or semi-precious stones, unset and uncut, falling under Chapter
71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when
imported into India, from the whole of the duty of customs leviable thereon
under the said First Schedule and the additional duty, if any leviable thereon
under section 3 of the said Customs Tariff Act, subject to the following
conditions, namely:-
(a)
the imports are made under a,-
(i)
Replenishment Licence issued under and in accordance with paragraph 8.2
of the Export and Import Policy read with paragraph 8.3 of the Handbook of
Procedures, Vol. I;
(ii)
Diamond Imprest Licence issued under and in accordance with paragraph 8.3
of the Export and Import Policy read with paragraphs 8.11 and 8.12 of the
Handbook of Procedures, Vol. I;
(iii)
Bulk Licence issued under and in accordance with paragraph 8.10 of the
Export and Import Policy read with paragraphs 8.21 to 8.25 of the Handbook of
Procedures, Vol. I;
(iv)
Replenishment licence issued under and in accordance with paragraph 8.37
of the Export and Import Policy read with paragraphs 8.82 to 8.84 [A] of the
Handbook of Procedures, Vol. I; or
(v)
Gem Replenishment Licence issued under and in accordance with paragraph
8.38 of the Export and Import Policy;
(b)
in case of rough diamonds imported under S. Nos. (ii) or (iii) of para
(a) above, the importer executes a bond in such form and for such sum as may be
specified by the Deputy Commissioner of Customs or Assistant Commissioner of
Customs, as the case may be, and furnishes a bank guarantee for a sum equivalent
to the duty leviable on the said rough diamonds so imported, undertaking himself
to achieve the export obligation as stipulated in the Export and Import Policy
and Handbook of Procedures, Vol. I and binding himself to pay on demand duty on
the said rough diamonds along with the interest thereon at the rate of
twenty-four per cent per annum on the said duty from the date of the duty free
importation till the date of payment of duty, in the case of non-fulfilment of
export obligation or any other conditions as stipulated in the Export and Import
Policy or Handbook of Procedures, Vol. I; and
(c)
the importer shall maintain a proper account of import, consumption and
utilization of the said goods and exports made by him, as the case may be, and
shall submit such account to the said Deputy Commissioner or Assistant
Commissioner of Customs, as the case may be, in such form, in such manner, at
such intervals and within such time, as may be specified by the Commissioner of
Customs in this regard.
2.
This notification shall be in force upto and inclusive of the 31st
day of March 2001.
Explanation:
For the purposes of this notification, -
(a)
�Export and Import Policy� means the Export and Import Policy,
1997-2002, notified by Government of India in the Ministry of Commerce, vide
notification No. 1 (RE-99)/1997-2002 dated the 31st March, 1997, as
amended from time to time.
(b)
�Handbook of Procedures, Vol. I� means the Handbook of Procedures,
Volume I, published vide Public Notice of the Government of India in the
Ministry of Commerce No. 1 (RE-2000)/1997-2002, dated 31st March,
2000, as amended from time to time.
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