Union Minister of Commerce & Industry of India announced the introduction of Diamond Imprest Licence.
Diamond Imprest Licence
About: The licence permits eligible exporters to import cut and polished diamonds, including semi-processed, half-cut, and broken diamonds.
Import Limits and Value Addition: Exporters can import diamonds up to 5% of their average turnover from the past three years, with a requirement to add 10% value.
Restrictions on Use: Imports under this licence must be used by the importer and cannot be transferred, even after the completion of exports.
Historical Context: This licence was previously part of the foreign trade policies of 2002 and 2009.
Significance for MSME Exporters: The licence will provide a level-playing field for Indian MSME diamond exporters, prevent the flight of investment, and create additional employment opportunities
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