Diamond Imprest Authorisation imposes import/export restrictions, value addition and bond requirements to operationalize the scheme. The Public Notice inserts a Diamond Imprest Authorisation (DIA) scheme in Handbook of Procedures, 2023: DIA applications must be filed online; imports/exports confined to Mumbai Airport with pre import conditions; exports must be physical natural cut and polished diamonds not exceeding one quarter carat; a minimum 10% value addition in freely convertible currency is required; deemed exports are excluded. DIA holders must execute a bond equal to export obligation and a performance bank guarantee equivalent to duty foregone prior to Customs clearance. Export discharge, validity periods, single authorisation per IEC, prohibitions on extensions/revalidation, and online procedures for fulfilment and regularisation of bonafide default are prescribed.
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Diamond Imprest Authorisation imposes import/export restrictions, value addition and bond requirements to operationalize the scheme.
The Public Notice inserts a Diamond Imprest Authorisation (DIA) scheme in Handbook of Procedures, 2023: DIA applications must be filed online; imports/exports confined to Mumbai Airport with pre import conditions; exports must be physical natural cut and polished diamonds not exceeding one quarter carat; a minimum 10% value addition in freely convertible currency is required; deemed exports are excluded. DIA holders must execute a bond equal to export obligation and a performance bank guarantee equivalent to duty foregone prior to Customs clearance. Export discharge, validity periods, single authorisation per IEC, prohibitions on extensions/revalidation, and online procedures for fulfilment and regularisation of bonafide default are prescribed.
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