India to allow duty-free import of diamonds for re-export
India is to allow duty-free import of natural cut and polished diamonds of less than quarter carat from 1 April.
The Ministry of Commerce and Industry here announced the new Diamond Imprest Authorisation Scheme, which is open to “two star” Indian export houses with at least $15 million in annual exports to their credit.
This scheme mandates export obligation with a value addition of 10%. India’s new financial year begins on 1st April when the new scheme will go into effect.
.png)
