DGFT Amends Diamond Imprest Authorisation Policy
The Directorate General of Foreign Trade (DGFT) has announced key amendments to the Diamond Imprest Authorisation Policy. These changes are aimed at streamlining the import and export procedures for the diamond and jewelry industry.
Key Policy Changes
- Imprest Authorisation Scheme: The Diamond Imprest Authorisation scheme allows diamond and jewelry manufacturers to import raw materials (like rough diamonds) duty-free, provided the finished product is ultimately exported within a specified time.
- Procedural Simplification: The amendments are designed to simplify the operational and documentation requirements related to obtaining and fulfilling the conditions of the Imprest Authorisation. This is typically done through updating the Standard Input Output Norms (SION) or relaxing certain procedural compliance rules.
- Support for Exporters: This reform directly benefits the diamond exporters by easing the compliance burden and accelerating the utilization of the duty-free import benefits, thereby enhancing the sector’s liquidity and global competitiveness.
Significance
The policy updates are crucial for the Indian diamond industry, particularly the cutting and polishing sector, as they facilitate smoother flow of raw materials and simplify adherence to foreign trade regulations.
Source :- Public-Notice-No.26-English