DGFT issues notification on allowing consignment import at SNZ
Updated: Jun 16, 2015 05:13:42pm
New Delhi, June 16 (KNN) The Directorate General of Foreign Trade (DGFT) has issued a notification for the import, auction sale and re-export of rough diamonds on consignment basis or outright sale at the Special Notified Zone (SNZ) for rough diamonds.
“Import, auction/sale and re-export of rough diamonds by entities, as notified vide RBI Notification 116 of April 1, 2014, as amended from time to time, on consignment or outright basis, will be permitted in SNZ administered by the operator of SNZ, under supervision of Customs,” DGFT said in a notification.
The procedure of import, auction/ sale and re-export of rough diamonds (unsold) would be as specified by CBEC, it added.
The DGFT has made necessary amendments in the Foreign Trade Policy (FTP) allowing the import, auction, sale and re-export of rough diamonds from the SNZ to be set up at Mumbai's Bharat Diamond Bourse (BDB) at Bandra Kurla Complex (BKC).
Earlier, the import on consignment basis was not allowed under the FTP. (KNN Bureau)
“Import, auction/sale and re-export of rough diamonds by entities, as notified vide RBI Notification 116 of April 1, 2014, as amended from time to time, on consignment or outright basis, will be permitted in SNZ administered by the operator of SNZ, under supervision of Customs,” DGFT said in a notification.
The procedure of import, auction/ sale and re-export of rough diamonds (unsold) would be as specified by CBEC, it added.
The DGFT has made necessary amendments in the Foreign Trade Policy (FTP) allowing the import, auction, sale and re-export of rough diamonds from the SNZ to be set up at Mumbai's Bharat Diamond Bourse (BDB) at Bandra Kurla Complex (BKC).
Earlier, the import on consignment basis was not allowed under the FTP. (KNN Bureau)
Loading...
