Re-export of unsold rough diamonds from SNZ – RBI Instructions
IN order to facilitate re-export of unsold rough diamonds imported on free of cost basis at Special Notified Zone of Customs (SNZ), RBI has clarified that the unsold rough diamonds, when re-exported from the SNZ (being an area within the Customs) without entering the Domestic Tariff Area (DTA), do not require any Export Declaration Form (EDF) formality.
Entry of consignment containing different lots of rough diamonds into the SNZ should be accompanied by a declaration of notional value by way of an invoice and a packing list indicating the free cost nature of the consignment. Under no circumstance, entry of such rough diamonds is permitted into DTA.
For the lot/ lots cleared at the Precious Cargo Customs Clearance Centre, Mumbai, Bill of Entry shall be filed by the buyer.
AD bank may permit such import payments after being satisfied with the bona-fides of the transaction.
RBI Circular A P (DIR Series) 01/RBI., Dated: July 02, 2015