Regarding Exemption for customs duty on cut and polished diamonds imported by specified agencies in FTP

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.... of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported (for grading or certification and re-export out of India)by the laboratories and agencies (hereinafter referred to as the said laboratories and agencies)notified in the Foreign Trade Policy and mentioned in the Table below, from the whole of the duty of customs leviable thereon which is ^2[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: Table S.No. Name of laboratory/agency 1. Gemological Institute of America (GIA), Mumbai, Maharashtra, India 2. Indian Diamond Institute, Surat,....

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....f bill of entry shall be endorsed in the shipping bill; (vii) the said laboratories and agencies shall submit alongwith the shipping bill, a certificate to the effect that the diamonds being re-exported are the same as those imported; (viii) the said laboratories and agencies shall obtain Guaranteed Remittance (GR) waiver in respect of import and re-export as per the procedure laid down by the Reserve Bank of India (RBI) and realise the foreign exchange for the service charges in terms of the Reserve Bank of India (RBI) guidelines; (ix) the Custom Officers may visit the premises of the said laboratories and agencies for audit or checks; (x) the diamonds imported for certification or grading shall be re-exported within a period o....