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[Similar provision had existed in the Foreign Trade Policy earlier, but got withdrawn with the import duty being reduced to zero.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