TaxTMI 
TaxTMI 
New EXIM Policy 2002-2007 and Handbook of Procedures, 2002- 2007. Amendments in the Provisions Relating to Gem & Jewellery Export Promotion Schemes– Reg
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.... Policy and the Handbook of Procedures replace the old EXIM policy and Handbook of Procedures, Vol.I 1997-2002. In the new EXIM Policy & HOP, certain changes have been introduced in the provisions relating to Gem and Jewellery Export Promotion Schemes. To implement the changes, amendments have been made in the notifications governing duty free import of goods by Gem and Jewellery units vide notification No. 64/2002-Cus, dated 24-6-2002. Further, a fresh notification (No. 60/2002-Cus, dated 7-6-2002) has been issued for allowing import of pearl, precious and semi-precious stones against replenishment licences without payment of duty in supercession of notification No. 35/2001-Cus, dated 30-3-2001. A copy each of the notifications is enclosed....
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....Imprest Licence (DIL) 4. Paragraph 8.3 of the previous Policy provided that Diamond Imprest Licence (DIL) may be issued, in advance for import of rough diamonds. It also provided that DIL may be issued for import of cut & polished diamonds for mixing with other cut & polished diamonds and export thereafter or for exports as it is. Such licences carry an export obligation. Now, this provision has been amended so as to allow import of semi-processed diamonds, half-cut diamonds and broken diamonds alongwith the cut & polished diamonds under DIL (Paragraph 4.4.16 of the new policy) 5. At present, notification No. 42/99-Cus dated 28-4-99 allows import of cut & polished diamonds and gemstones upto 5% of the FOB value of the preceding financial ....
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....poses, all the essential particulars necessary for establishing identity of the goods at the time of re-import are required to be furnished by the exporters. 8. A notification (No. 55/2001-Cus, dated 16-5-2001) has been issued to implement the above policy provision. Under new policy, this provision has been amended to allow authorised offices/ agencies of such institutes/laboratories to export cut & polished diamonds and re-import the same after certification or grading. To implement the changes in the Policy, notification No. 55/2001-Cus dated 6.5.2001 has been suitably amended (iv) Abolition of Licenses for Import of Rough Diamonds 9. Hitherto, the exporters of Gem & Jewellery were allowed to import rough diamonds, pearl, precious & s....
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....eplenishment license (para 4.4.1) of the Exim Policy. (v) Exports through Exhibition /Export Promotion Tours /Export of Branded Jewellery - 13. Under paragraph 8.57 (a) (ii) of the HOP, 1997-2002, personal carriage of gold /silver/platinum jewellery, precious, semi-precious stones, beads and articles as samples upto US $ 1,00,000 (one lakh) for export promotion tours and temporary display/sale abroad was permitted with the approval of Gem&Jewellery Export Promotion Council subject to the condition that the exporter would bring back the jewellery/ goods or repatriate the sale proceeds within 45 days from the date of departure through normal banking channel. The said paragraph has been modified and the new paragraph 4.71.2 (a)(ii) of the HO....
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....97-2002, the value addition prescribed for plain gold/silver/platinum jewellery articles and ornaments like Mangal Sutra containing black beads/imitation stones/ cubic zirconia etc. was 10%. This has been amended vide paragraph 4.56.1 of the HOP 2002-2007 so as to reduce the value addition norm from 10% to 7%. 17. Under paragraph 8.28 A of HOP, 1997-2002, the value addition norm for gold / platinum /silver unstudded chains and bangles manufactured by a fully mechanized process was 3%. The same value addition has been prescribed in the new HOP for all unstudded jewellery/articles manufactured by a fully mechanized process. (viii) Replenishment Licence for Import of Consumables 18. Under the old HOP (paragraph 8.88), plain/studded jeweller....