Notification No. 15/2015-20 Dated. 25th June 2020
Issued By. DGFT
S.O(E): In exercise of powers conferred by Section 5 of FT(D&R) Act, 1992, read with Paragraph I .02 of the Foreign Trade Policy, 2015-20, as amended from time to time, the Central Government hereby makes following amendments in Foreign Trade Policy 2015-20.
Existing Para 4.44 of Foreign Trade Policy 2015-20
4.44 Export of Cut & Polished Diamonds with Re-import Facility at Zero Duty
An exporter (with annual export turnover of Rs 5 crores for each of the last three years) or the authorized offices/agencies in India of laboratories mentioned under paragraph 4.74 of Hand Book of Procedures may export cut & polished diamonds (each of 0.25 carat or above) to any of the agencies/laboratories mentioned under paragraph 4.74 of Handbook of Procedures with re-import facility at zero duty within 3 months from the date of export. Such facility of re-import at zero duty will be subject to guidelines issued by Central Board of Customs & Excise, Department of Revenue.
Amended Para 4.44 of Foreign Trade Policy 2015-20
4.44 Export of Cut & Polished Diamonds with Re-import Facility at Zero Duty
An exporter (with annual export turnover of Rs 5 crores for each of the last three years) or the authorized offices/agencies in India of laboratories mentioned under paragraph 4.74 of Hand Book of Procedures may export cut & polished diamonds (each of 0.25 carat or above) to any of the agencies/laboratories mentioned under paragraph 4.74 of Handbook of Procedures with re-import facility at zero duty within 3 months from the date of export. Such facility of re-import at zero duty will be subject to guidelines issued by Central Board of Customs & Excise, Department of Revenue. However, for cases where re-import period is expiring between Feb 1, 2020 to July 31, 2020, the period of re-import shall be considered automatically extended by 3 more months,
Effect of the Notification: Para 4.44, of FTP is amended enhancing the time limit for re-import facility with zero duty from three months to six months for cases where re-import period is expiring between Feb. 1, 2020 to July 3 1, 2020 in light of COVID19.