Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: TDS :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: articles on VAT and GST in India :: due date for vat payment :: empanelment :: cpt :: list of goods taxed at 4% :: VAT Audit :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4%
 
 
Latest Circulars »
 Investment under PIS in M/s Claris Lifesciences Ltd. By FII/FPI Investment limit from 24 to 49 per cent and increase in NRI limit from 10 to 24 per cent
  RBI-Interest rates for Small Savings Schemes
  Risk Management and Inter-Bank Dealings – Facilities for Hedging Trade Exposures invoiced in Indian Rupees
 Risk Management and Inter-Bank Dealings – Facilities for Hedging Trade Exposures invoiced in Indian Rupees
 Exim Bank's Government of India supported Line of Credit of USD 1 billion to the Government of Mongolia
 Master Circular –Scheme of Penalties for bank branches based on performance in rendering customer service to the members of public
 Bilingual/Hindi House Magazine Competition for Public Sector Banks/ Financial Institutions – (2016-17)- Inviting Entries
 Master Direction on Issuance and Operation of Prepaid Payment Instruments
 The Bhavana Rishi Co-operative Urban Bank Ltd., Hyderabad, Telangana – Penalised
 RBI launches Quarterly Order Books, Inventories and Capacity Utilisation Survey: July-September (Round 39)
 RBI-Sovereign Gold Bond Scheme (Revised)

Custom Circular No. 30/2009
October, 26th 2009

Circular No. 30/2009-Cus

F.No.: DGEP/G&J/428/2006

Govt. of India

Ministry of Finance

Department of Revenue

Central Board of Excise & Customs

Directorate General of Export Promotion

New Delhi, the 22nd October, 2009

All Chief Commissioners of Customs/Central Excise,

All Commissioners of Customs /Central Excise.

Madam /Sir

Sub: Procedure and guidelines for import of diamonds for certification and grading and re-export thereof - reg.

A new scheme under paragraph 4A.2 has been introduced in the Foreign Trade Policy 2009-2014 (FTP) for import of diamonds for certification and grading and re-export thereof. Procedure in this regard has also been specified under paragraph 4A.14 of Handbook of Procedure Volume I (HBP). To avoid dichotomy in following the procedure by the field formations for allowing import of diamonds for the specified purpose and re-export thereof, the salient feature of this scheme and procedure in this regard are laid down.

This scheme is presently allowed to the authorized offices/ agencies in India of Gemological Institute of America (GIA) in India only;

GIA shall furnish a general bond to the satisfaction of the Asstt./ Dy Commissioner of Customs at the port of import, undertaking to properly account for the diamonds, to follow the specified procedure and to re-export diamonds within the prescribed period;

The import shall be allowed under bill of entry having the detailed description of the diamonds, including inter alia, the dimensions, weight, colour, caratage, specification, approximate value etc of each piece of diamonds;

The bill of entry should carry the endorsement only for certification and grading;

GIA, while taking the diamonds in their unit, shall allot a unique control number for identification purposes and maintain a separate account for such diamonds;

After the grading/certification, the diamonds shall be re-exported under a shipping bill containing the detailed description as was mentioned at the time of import;

Cross reference of B/E shall be endorsed in the shipping bill;

The onus of certification shall solely rest with the GIA, i.e. the diamonds being re-exported are the same as those imported. GIA shall submit a certificate to this effect, along with the S/B, at the time of re-export;

GIA shall obtain GR waiver in respect of import and re-export as per the procedure laid down by RBI and realize the foreign exchange for the service charges in terms of RBI guidelines;

The premises of GIA can be visited by Custom officers for surprise audit or checks. The Commissioner should devise a system of random audit at least twice a year;

The diamonds imported for certification/grading are to be re-exported within a period of 3 months from the date of import;

The importer shall submit a quarterly statement by 25th of the month succeeding quarter. The statement should reflect the B/E No. & date, details of diamonds and details of re-exports etc; and

Re-export shall be allowed only from the port through which import took place.

2. Wide publicity may please be given to these instructions by way of issuance of Public/Trade Notice. Suitable Standing orders/instruction may be issued for guidance of the field officers. Difficulties, if any, in implementation of these instructions, may be brought to the notice of the Directorate General of Export Promotion.

3. This issues with the approval of Central Board of Excise & Customs.

4. Receipt of this circular may kindly be acknowledged.

Yours faithfully

Sd/-

(Praveen Mahajan)

Director General

Copy for information to:

PS to Chairman, CBEC, New Delhi

PS to all Members of the CBEC, New Delhi

All Director Generals under CBEC,

Chief Departmental Representative (CDR), Delhi

webmaster.cbec @ icegate.gov.in

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions