Import and export in rough diamonds. Registration with Gems & Jewellery EPC compulsory

Import and export in rough diamonds Amendment in policy conditions. Registration with Gems & Jewellery EPC compulsory

MINISTRY OF COMMERCE AND INDUSTRY
(Department of Commerce)
(DIRECTORATE GENERAL OF FOREIGN TRADE)

Notification No. 43/2015-2020

New Delhi, the 22nd November, 2021

Subject: Amendment in policy conditions governing import and export in rough diamonds falling under Chapter-71 of Schedule (I) of ITC(HS) 2017 and Schedule(II) of ITC(HS) 2018–reg.

S.O. 4794(E).—In exercise of powers conferred by Section 3 read with Section 5 of the FT(D&R) Act, 1992 and paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-20, as amended from time to time, the Central Government hereby revises the policy conditions governing import and export of rough diamonds falling under Chapter-71 of Schedule (I) of ITC(HS) 2017 and Schedule (II) of ITC(HS) 2018 as under –

2. Policy condition No. 05 is inserted under chapter-71 of Schedule-I (Import Policy) of ITC (HS) 2017, as under:

Import of rough diamonds shall not be permitted unless the concerned importer is registered with Gems & Jewellery EPC, which is the designated importing and exporting authority of India for Kimberley Process Certification Scheme (KPCS).

3. Further, a Policy Condition No.01 is inserted in the Chapter-71 of Schedule-II (Export Policy) of ITC(HS) 2018, as under:

Export of rough diamonds shall not be permitted unless the concerned exporter is registered with Gems & Jewellery EPC, which is the designated importing and exporting authority of India for Kimberley Process Certification Scheme (KPCS).

Effect of this Notification: Import or export of rough diamonds shall not be permitted unless the concerned importer and exporter is registered with G&JEPC.

[ F. No. 01/89/180/36/AM-11/PC-2(A)/Part-II/E-1717]

AMIT YADAV,
Director General of Foreign Trade &
Ex-officio Additional Secy.

• AO is under an obligation to assign reasons for rejecting explanation of the assessee
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• Sale deed executed with full knowledge of only part consideration paid, not void – SC
• No fault in serving notice to last known address when PAN data was not updated – ITAT
• Investment by firm through capital introduced by partners cannot be treated as unexplained