Page 86 - ELT_1st July 2020_Vol 373_Part 1

E6 EXCISE LAW TIMES [ Vol. 373

Diamonds (cut and polished) — Re-import with Zero duty —
Time-limit enhanced from 3 months to 6 months where
re-import period expiring between February 2020 to July
2020
[Amend at page 47 of 25th Edition of FTP & Handbook of Procedures, Vol. 1, 2019-20]
Subject : Amendments to Foreign Trade Policy, 2015-2020 - Amendment in Para
4.44 of the Foreign Trade Policy.
In exercise of powers conferred by Section 5 of FT (D&R) Act, 1992, read
with Paragraph 1.02 of the Foreign Trade Policy, 2015-20, as amended from time
to time, the Central Government hereby makes following amendments in For-
eign 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 men-
tioned under paragraph 4.74 of Hand Book of Procedures may export cut & pol-
ished 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 fa-
cility 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 men-
tioned under paragraph 4.74 of Hand Book of Procedures may export cut & pol-
ished 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 fa-
cility 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 31, 2020
in light of COVID-19.
[M.C. & I. (D.C.) Notification No. 15/2015-20, dated 25-6-2020]

 EXCISE LAW TIMES  1st July 2020  86