Tuesday, October 6, 2015

Re-export of unsold rough diamonds

Unsold rough diamonds, when re-exported from the Special Notified Zone (SNZ) without entering the Domestic Tariff Area (DTA), do not require any Export Declaration Form (EDF) formality.
Entry of consignment containing different lots of rough diamonds into the SNZ should be accompanied by an invoice and a packing list indicating the free cost nature. Entry of such diamonds is not permitted into DTA.
For the lots cleared at the Precious Cargo Customs Clearance Centre, Mumbai, Bill of Entry shall be filed by the buyer. AD bank may permit such import payments after being satisfied with the bona-fides of the transaction. 

Based on RBI Circular dt 2/07/15. Please visit www.rbi.org.in for any further clarification if required…..          Poppy