RBI/2015-16/110
A.P. (DIR Series) Circular No. 1
July 02, 2015
To
All Authorised Dealers in Foreign Exchange
Re-export of unsold rough diamonds from Special Notified Zone of
Customs without Export Declaration Form (EDF) formality
Attention of the Authorised Dealers is invited to i) Regulation 3 of the
Notification No. FEMA 23/2000-RB dated May 3, 2000 viz. Foreign Exchange
Management (Export of Goods and Services) Regulations, 2000, as amended from
time to time, in terms of which every exporter of goods/ software, to any place
outside India, other than Nepal and Bhutan, is required to submit declaration in
EDF /SOFTEX; ii) sub-regulation (g) of Regulation 4 of the Notification ibid, in
terms of which exemption from furnishing declaration has been provided for
export of goods imported free of cost on re-export basis; and iii) Government of
India
Circular No. 17/2015- Customs, i.e., F. No: 451/13/2015 Cus V dated May
26, 2015 (ANNEX), stipulating guidelines on manner of operation of the Special
Notified Zone (SNZ) to enable and permit the trading of rough diamonds in India
by the diamond mining companies as permitted in terms of
A.P.(DIR Series)
Circular No. 116 of April 01, 2014.
- In order to facilitate re-export of unsold rough diamonds imported on free
of cost basis at SNZ, it is clarified that the unsold rough diamonds, when
re-exported from the SNZ (being an area within the Customs) without entering the
Domestic Tariff Area (DTA), do not require any EDF formality.
- Entry of consignment containing different lots of rough diamonds into the SNZ
should be accompanied by a declaration of notional value by way of an invoice
and a packing list indicating the free cost nature of the consignment. Under no
circumstance, entry of such rough diamonds is permitted into DTA.
- For the lot/ lots cleared at the Precious Cargo Customs Clearance Centre,
Mumbai, Bill of Entry shall be filed by the buyer. AD bank may permit such
import payments after being satisfied with the bona-fides of the transaction.
Further, AD bank shall also maintain a record of such transactions.
- Authorised Dealers may bring the contents of this circular to the notice of
their constituents concerned.
- The directions contained in this circular have been issued under Section
10(4) and Section 11(1) of the FEMA, 1999 (42 of 1999) and are without prejudice
to permissions / approvals, if any, required under any other law.
Yours faithfully,
(A. K. Pandey)
Chief General Manager
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