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of <h1>Government Grants Duty Exemptions for Unset and Uncut Raw Pearls and Diamonds Under Specific Licences</h1> The notification, dated March 30, 2001, issued by the Central Government under the Customs Act, 1962, grants duty exemptions on the import of raw pearls, natural or cultured, rough diamonds, and other precious or semi-precious stones, provided they are unset and uncut. These exemptions apply under specific conditions, such as imports made with various types of Replenishment Licences or Diamond Imprest Licences as per the Export and Import Policy. Importers must execute bonds ensuring fulfillment of export obligations or face penalties, including duty payments and interest, if obligations are not met.
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