Exemption to precious stones imported by post on 'approval or return' basis.

Precious stones, falling within Chapter 71 imported by post on "approval or return" basis are exempt from the whole of the duty of customs, subject to the conditions that -

(i) the importer shall apply in writing for a grant of exemption under this notification and the application shall be accompanied by all documents in his possession supporting his claim that the precious stones are being imported on 'approval or return' basis;

(ii) the importer shall appear before the Postmaster in the post office in which the consignment is kept on the day specified therefor by the proper officer of Customs and shall give a receipt that he has received the consignment as a whole, that is to say, the entire lot of precious stones sent by the exporter;

(iii) the consignment referred to in condition (ii) shall then be given to the importer for inspection in the immediate presence of the proper officer of Customs and the postal authority concerned in the post office itself and after the sorting of the precious stones into approved and unapproved lots, the unapproved lots shall be packed, for being exported to the consignor, in the immediate presence of the said officer and the authority under their supervision and the lot shall not be removed from the custody of the Postal Department;

(iv) the importer shall forthwith pay:

(a) the duty of customs leviable on the precious stones sorted as approved by him and take delivery thereof; and

(b) the fees, if any for services referred to in condition (iii).

Exemption to platinum falling under Heading 71.10 imported by specified agency for supply under export promotion & Replenishment Scheme:

2. Nothing contained in this notification shall have effect after the 30th September, 2024.