Coverage of exports under the Gems & Jewellery Dollar Account

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....IFICATION NO 12 /(RE 2003)/2002-2007 Dated 22nd May , 2003 S.O. (E)- In exercise of powers conferred under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Paragraph 1.1 of the Export and Import Policy, 2002-2007, as amended from time to time, the Central Government hereby makes the following amendments in Exim Policy, 2002-07 (as amended upto 31.3.2003) 1. Paragr....

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....se Rupee Accounts shall be allowed to do so under the existing policies. Dollars in such accounts available from bank finance and/or export proceeds shall be used only for (i) Import/purchase of rough diamonds from overseas/local sources, (ii) Purchase of cut and polished diamonds, coloured gemstones and plain gold jewellery from local sources, (iii) Import/purchase of gold from overseas....