DGFT vide Notification No. 15/2015-20 dated June 25, 2020, made amendment in Para 4.44, of FTP, by enhancing the time limit for re-import facility with zero duty from three months to six months cases where the re-import period is expiring between Feb 01, 2020, to July 31, 2020, in light of COVID19. The following amendments in Foreign Trade Policy 2015-20 are as hereunder:-
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 al zero duty within 3 months from the date of export. Such a facility of re-import at duty Will be subject to guidelines issued by the 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 aim-we) 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 a facility Of re-import at zero duty will be subject to guidelines issued by the Central Board Of Customs & Excise, Department Of Revenue. However, for cases where the re-import period is expiring between Feb 1, 2020 to July 31, 2020, the period of tv-import shall be considered automatically extended by 3 more months.
Effect 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 cases where the re-import period is expiring between Feb. 1, 2020, to July 31, 2020, in light of COVID19.
The Notification can be accessed at: https://dgft.gov.in/sites/default/files/Notification%2015%20English.pdf