Essentially, there was a task force that was formed in the diamond sector sometime back. They made a slue of proposals but at that point in time most of these proposals were rejected by the revenue department.
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Now, according to sources, the finance ministry earlier this week had taken an in-principle decision to once again reexamine some of these proposals. In fact they have given the team that is working on it, 10 days to submit the final report. Among the key proposals is duty free import of cut and polished diamonds.
The commerce ministry had earlier made a proposal that import free duty should be up to 15 percent of the overall export value. However, now sources indicate that finance ministry may agree to a cut in import duties but that will be for a lower quota.
Apart from that they are also looking at the possibility of setting up of special notified zones for imports of rough diamonds. This will in a sense help diamond traders, as far as documentations are concerned. Sources believe this should not be too much of a problem and it should get approved.
Earlier this week the commerce minister, and finance minister P Chidambaram had also met where many of these policy decisions were discussed.
On July 8, finance ministry is going to discuss these issues with greater detail with Directorate General of Foreign Trade (DGFT).
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