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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Customs reduces bank guarantee requirements for diamond exporters from 50% to 25% under Export-Import Policy</h1> The Central Board of Excise & Customs issued a circular modifying requirements for private/public bonded warehouses for diamonds and colored gemstones under the Export-Import Policy 1997-2002. Following concerns from trade and the Ministry of Commerce that 50% cash deposit or bank guarantee requirements hindered diamond export growth, the board reduced security requirements. Three categories of exporters are now exempt from furnishing bank guarantee/cash security: exporters with Super Star Trading House/Star Trading House/Trading House/Export House status; exporters meeting specific post-export performance criteria where import value doesn't exceed twice the FOB value of cut and polished diamond exports; and overseas companies with Indian branch offices having average annual export turnover of at least Rs. 150 crores over three preceding years. These exempt categories may provide Legal Undertaking in lieu of security. For all other exporters, the bank guarantee/cash deposit requirement is reduced from 50% to 25% of duty liability.
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