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August 2015

A. P. (DIR Series) Circular No. 1 dated 2nd July, 2015

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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Re-export of unsold rough diamonds from Special Notified Zone of Customs without Export Declaration Form (EDF) formality

This circular clarifies that: –
a. Unsold rough diamonds which were imported on free of cost basis at SNZ, when re-exported from the SNZ (being an area within the Customs) without entering the Domestic Tariff Area (DTA ), do not require compliance with any EDF formality.

b. In case of lot/lots cleared at the Precious Cargo Customs Clearance Centre, Mumbai, Bill of Entry must be filed by the buyer and banks can permit import payments after being satisfied with the bona-fides of the transaction.

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