INTRODUCTION OF PROVISION FOR SETTING UP OF PRIVATE/PUBLIC BONDED WAREHOUSES FOR GEMS AND JEWELLERY SECTOR IN FTP(RE-2012)(2009-2014)


Dated 10th July 2013

Government of India, Ministry of Commerce and Industry, vide its Notification No.   30  (RE-2012) /2009-2014 dated 31st  January, 2013 notified the following:

The Central Government hereby amends with immediate effect Foreign Trade Policy, 2009-2014 (RE 2012) and introduces a new para 4A.16A for setting up of Private/Public Bonded Warehouses for Gems and Jewelry sector.

2. A new para 4A.16A after para 4A.16 is being added in FTP as under:

Private/Public Bonded Warehouse – Private/Public Bonded Warehouses may be set up in SEZ/DTA for import and re-export of cut and Polished diamonds, cut and polished coloured gemstones, uncut & unset precious & semi-precious stones, subject to achievement of minimum VA of 5%

3. Effect of this amendment : This will facilitate setting up of Private/Public Bonded Warehouses in SEZ/DTA for Diamond , Gems and precious/semi precious stones.

[Similar provision had existed in the Foreign Trade Policy earlier, but got withdrawn with the import duty being reduced to zero.  It is being reintroduced now.]

SOURCE: GOVT. OF INDIA, Ministry of Commerce and Industry

 

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