Customs exemption for rough diamonds: duty-free imports allowed subject to licence, bond, bank guarantee and export compliance. Rough diamonds and other precious or semi-precious stones, unset and uncut under Chapter 71, are exempt from customs duty and additional duty when imported, provided imports are under specified licences; certain licence routes require execution of a bond and a bank guarantee equivalent to duty, with an undertaking to meet export obligations, and importers must maintain and submit accounts of import, consumption, utilization and exports as specified by customs.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Customs exemption for rough diamonds: duty-free imports allowed subject to licence, bond, bank guarantee and export compliance.
Rough diamonds and other precious or semi-precious stones, unset and uncut under Chapter 71, are exempt from customs duty and additional duty when imported, provided imports are under specified licences; certain licence routes require execution of a bond and a bank guarantee equivalent to duty, with an undertaking to meet export obligations, and importers must maintain and submit accounts of import, consumption, utilization and exports as specified by customs.
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