Executive Summary:
This notification amends paragraphs 4.61 and 4.63 of the Foreign Trade Policy (FTP) 2023, effective immediately. The changes relate to the Diamond Imprest Authorization (DIA) scheme, specifically concerning eligibility criteria and import exemptions. A key update allows for the submission of a Chartered Accountant certificate in place of the latest Income Tax Return under certain conditions, with a deadline of December 31st of the application year for submitting the Income Tax Return.
Key Points / Main Content:
Diamond Imprest Authorization (DIA) Eligibility (Para 4.61):
* An exporter with a Two Star Export House status or above, having achieved a minimum export performance of US$15 million in Cut & Polished Diamonds each year for the past three financial years, and having filed all GST and Income Tax returns for those years, may be granted a DIA.
* If the previous year's Income Tax Return has not been finalized, a Chartered Accountant certificate may be submitted, but the Income Tax Return must be submitted by December 31st of the application year.
* The authorization allows the import of Natural Cut & Polished Diamonds up to 5% of the average annual export performance of Cut & Polished Diamonds over the previous three financial years, subject to a maximum value of US$15 million.
DIA Import Exemptions (Para 4.63):
* Imports under DIA are exempt from Basic Customs Duty, Additional Customs Duty, Education Cess, Anti-dumping Duty, Countervailing Duty, Safeguard Duty, and Transition Product Specific Safeguard Duty, wherever applicable.
* These imports are also exempt from the whole of the Integrated Tax and Compensation Cess leviable under subsection 7 and subsection 9 respectively, of section 3 of the Customs Tariff Act, 1975.
Impact Analysis:
Diamond Exporters:
* Impact: Revised eligibility criteria for the Diamond Imprest Authorization scheme and expanded import exemptions.
* Action Required: Ensure compliance with the updated eligibility criteria, particularly regarding Income Tax Return submission or Chartered Accountant certificate submission by December 31st of the application year.
Customs Authorities:
* Impact: Need to implement the revised import exemptions under the Diamond Imprest Authorization scheme.
* Action Required: Update procedures to reflect the exemptions from Basic Customs Duty, Additional Customs Duty, Education Cess, Anti-dumping Duty, Countervailing Duty, Safeguard Duty, Transition Product Specific Safeguard Duty, Integrated Tax and Compensation Cess for eligible imports under DIA.
Chartered Accountants:
* Impact: May be required to provide certificates for exporters who have not yet finalized their Income Tax Returns.
* Action Required: Provide certificates as required, ensuring they accurately reflect the exporter's financial performance.
Key Entities Referenced
Foreign Trade Policy 2023: A policy document regarding foreign trade, referred to as FTP2023.
Foreign Trade Development and Regulation Act, 1992: An act of the Indian Parliament that empowers the central government to formulate and implement foreign trade policy.
Central Government: The executive authority of India responsible for implementing laws and policies.
Diamond Imprest Authorisation: A scheme that allows the import of natural cut and polished diamonds with certain exemptions, referred to as DIA.
Basic Customs Duty: A tax imposed on goods when they are transported across international borders.
Directorate General of Foreign Trade: The agency of the Ministry of Commerce and Industry responsible for implementing foreign trade policy.
Ministry of Commerce and Industry: A ministry of the Government of India responsible for formulating and implementing policies related to foreign trade and industry.
New Delhi: The capital of India, where the notification was issued.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एxलx.x-GअI.D-H2x2x0x8 2025-265632
CG-DLxx-xEG-I2D2E0x8x2x0 25-265632
असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (ii)
PART II—Section 3—Sub-section (ii)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
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No. 3702] NEW DELHI, WEDNESDAY, AUGUST 20, 2025/SHRAVANA 29, 1947
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MINISTRY OF COMMERCE AND INDUSTRY
(Department of Commerce)
(Directorate General Of Foreign Trade)
NOTIFICATION
New Delhi, the 19th August, 2025
No. 25 /2025-26
Subject: Amendment to Para 4.61 and Para 4.63 of FTP-2023-reg.
S.O. 3806(E)—In exercise of powers conferred by Section 3 and Section 5 of the Foreign Trade
(Development and Regulation) Act, 1992 read with paragraph 1.02 of the Foreign Trade Policy, 2023 (as amended
from time to time), the Central Government hereby amends Para 4.61 and Para 4.63 of FTP-2023, with immediate
effect, as under:[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3
Para Exiting Para Revised Para
No.
4.61 An exporter with a Two Star Export House status or An exporter with a Two Star Export House status or
above, and having achieved a minimum export above, and having achieved a minimum export
performance of US$ 15 million in Cut & Polished performance of US$ 15 million in Cut & Polished
Diamonds each year for the past three financial years Diamonds each year for the past three financial years
and having filed all GST and Income Tax returns for and having filed all GST and Income Tax returns for
those years, may be granted a Diamond Imprest those years, may be granted a Diamond Imprest
Authorization. This authorization allows the import of Authorization. Chartered accountant certificate may be
Natural Cut & Polished Diamonds up to 5% of the submitted in case ITR of the preceding year is not
average annual export performance of Cut & Polished finalized. However, the same shall be submitted by
Diamonds over the previous three financial years 31st December of the application year. This
subject to a maximum value of US$ 15 million. authorization allows the import of Natural Cut &
Polished Diamonds up to 5% of the average annual
export performance of Cut & Polished Diamonds over
the previous three financial years subject to a
maximum value of US$ 15 million.
4.63 Imports under Diamond Imprest Authorisation are Imports under Diamond Imprest Authorisation are
exempted from payment of Basic Customs Duty, exempted from payment of Basic Customs Duty,
Additional Customs Duty, Education Cess, Anti- Additional Customs Duty, Education Cess, Anti-
dumping Duty, Countervailing Duty, Safeguard Duty, dumping Duty, Countervailing Duty, Safeguard Duty,
Transition Product Specific Safeguard Duty, wherever Transition Product Specific Safeguard Duty, wherever
applicable. Such, imports are also exempt from whole applicable.
of the Integrated Tax and Compensation Cess leviable
under sub-section (7) and sub-section (9) respectively,
of section 3 of the Customs Tariff Act, 1975 (51 of
1975).
Effect of the Notification: The import under DIA shall be exempted from Basic Customs Duty, Additional Customs
Duty, Education Cess, Anti- dumping Duty, Countervailing Duty, Safeguard Duty, Transition Product Specific
Safeguard Duty, wherever applicable. Exemption from whole of the Integrated Tax and Compensation Cess is not
provided. Flexibility has been introduced by permitting submission of a Chartered Accountant certificate in place of
the latest Income Tax Return, if it is not yet filed, with the condition that the proof of submission of said ITR must be
submitted by 31st December of the application year.
This issues with the approval of the Minister of Commerce & Industry.
[F. No. 01/94/180/152/AM20/PC-4]
AJAY BHADOO, Director General of Foreign Trade & Addl. Secy.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.