Duty free re-import of cut & polished diamonds into India after certification/grading by the laboratories / agencies as notified in the Foreign Trade Policy.

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....f Act, 1975 (51 of 1975), when re-imported into India after certification/grading by the laboratories / agencies as notified in the Foreign Trade Policy in this regard, from the whole of the duty of customs leviable thereon which is 6[specified in the First Schedule and from the whole of integrated tax leviable under sub-section (7) of section 3 of the Customs Tariff Act,1975], subject to fulfillment of the following conditions namely:- i)   Cut and polished diamonds are re-imported by gems and jewellery exporters having a track record of at least three years and having an annual average turnover of five crore rupees and above during the preceding three licensing years; ii)   Each piece of cut & polished diamonds so ....

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....f Procedures.] 9[Explanation. - 'Foreign Trade Policy' means Foreign Trade Policy, 2023 notified by the Government of India, Ministry of Commerce and Industry published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub- section (ii) vide Notification No 1/2023, dated the 31st March, 2023.] F.No.354/4/2012-TRU [Raj Kumar Digvijay] Under Secretary to the Government of India     ************* NOTES:- 1. Substituted vide Notification No. 11 /2013-Customs, dated 01/03/2013., before it was read as :- "Explanation. -  (1) For the purposes of condition No. v), a variance not exceeding +_ 1 mm in height and circumference and not exceeding +_ 1 cent in weight shall be allowed. (2) For the purposes of this n....