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English Release 1-August 2014
Date Month Year
  • President's Secretariat
  • President congratulates medal winners in Commonwealth Games
  • Prime Minister's Office
  • PM encourages self-certification in place of affidavits and attestations to benefit the common man
  • U.S. Secretary of State John Kerry and U.S. Secretary of Commerce Penny Pritzker call on PM
  • Former cricketer Anil Kumble calls on PM
  • Min of Agriculture
  • Kharif Sowing Area Crosses 706 Lakh Hectare
  • Steps to Make Farming More Profitable
  • Setting up of National Fisheries Development Board
  • Encouraging Farmers to Use Improved Technology for Cultivation of Cotton
  • Min of Chemicals and Fertilizers
  • Essential Medicines Prices
  • Min of Commerce & Industry
  • Capital Investment Subsidy under NEIIPP
  • Sick/Closed Industrial Units
  • National Design Policy
  • Export Market for Grapes
  • Ban on Import of Products By EU
  • Export/Import of Gems/Jewellery
  • Tea Export
  • Export Target
  • Setting up of Special Board of Spices
  • Min of Consumer Affairs, Food & Public Distribution
  • About 81.35 Crore People to Get Subsidised Foodgrains Under National Food Security Act
  • Food Subsidy Estimated to be Around Rs. 1,31,086 Crore
  • The Steps to Expedite Payment of Pending Dues to Sugarcane Farmers
  • Transportation of PDS Foodgrains Through Sea Route to Ensure Timely Availability
  • Min of Corporate Affairs
  • Unclaimed Investment Fund with Companies
  • Lacunae in Company Laws
  • Min of Defence
  • Defence Offset Policy
  • Naval Warships and Submarines
  • Tailing of Patrols in Border Areas
  • Encroachment of Defence Land
  • Election for Cantonment Boards
  • Amount Due to IAF
  • Maritime Exercise
  • IAF Jaguar Aircraft Crashes
  • Procurement of Fighter Aircraft
  • Arrest of Somalian Pirates
  • Infrastructural Developments in Border Areas
  • Projects of HAL
  • Naval Exercises
  • Procurement of Helicopters
  • Astra and Akash Missiles
  • Defence Production Units
  • Bird-Hits to Military Aircraft
  • Sale of Tobacco Products in Defence Canteens
  • One Rank One Pension
  • Married Accommodation Project
  • Min of Earth Science
  • India Deploys its First Sub-Surface Ocean Moored Observatory in the Arctic
  • Ministry of Finance
  • Transparency in Lending Loans Under Floating Rate Scheme
  • Corporate Employers Encourage to Join National Pension System for Corporates for Providing Pension Benefits to their Employees
  • Utilisation of Accumulated Pension Wealth on exit from the National Pension System for Corporates
  • Sampoorn Vittiya Samaveshan Mission to be Launched Soon to Provide all Households with Banking Services
  • RBI Issues Guidelines for Opening of Bank Accounts of Children
  • Manufacturing of Debit Cards, Credit Cards and other Cards in India
  • Printing of Currency Notes with Braille Signs to Assist Visibly Challenged Persons
  • Compensation by Insurance Companies
  • SBI Launches Six of Digital Branches
  • BRICS Development Bank to be set up to Support Infrastructure and Sustainable Development Projects among others
  • Sanctioned and Acutal Strength of Employees in Central Government; 30,84,530 Civilian Employees in Position
  • Small Saving Schemes for the benefit of all including Weaker Sections of Society
  • No Foreclosure Charges by NBFCS on all Floating Term Loans to Individual Borrowers
  • Infrastructure Trust Funds to be set up to Spur Investments
  • Min of Food Processing Industries
  • Mega Food Parks
  • Setting up of Food Processing Units
  • Increasing Capacity of Cold Chain Infrastructure
  • Min of Health and Family Welfare
  • Recognition of Ayush Colleges
  • Multimedia Campagins for Awareness and Prevention Regarding HIV/Aids
  • Findings from NFHS-I, II and III

  • 872 National Nutritional Rehabilitation Centres Functional in the Country
  • Global Instrument for Health Research
  • Ill Effects from Use of Oxytocin Injection
  • Setting Up of Satellite Units of AIIMS

  • Autism and Related Disorders
  • Medical Colleges Can Now be Set up in Two Pieces of Land
  • Use of Antibiotics
  • ICMR: No Conclusive Data on Effects of Mobile Phone/Tower on Health
  • Enforcement of Anti-Tobacco Laws
  • FSSAI Regulations on Packaging and Labelling
  • Pharmacy Colleges in the Country
  • Financial Assistance to Poor
  • Control of Fluorosis
  • Polio Vaccination for Resident Nationals Travelling to India
  • Cancer Care Facilities
  • Min of Home Affairs
  • Text of Home Minister’s Statement on Disaster in Pune
  • Min of Labour & Employment
  • We must judiciously tap into our natural resources and not mindlessly exploit them - Shri Narendra Singh Tomar
  • Min of Minority Affairs
  • Schemes for Upliftment of Minorities
  • Min of Personnel, Public Grievances & Pensions
  • ACC Appointment
  • Min of Petroleum & Natural Gas
  • Diesel Under-Recovery decreased to Rs 1.33/litre for the fortnight commencing 01.08.2014
  • Ministry of Railways
  • PPP Projects under Railways Running on Profit
  • Railways will Run Six More Trains Connecting Shri Mata Vaishno Devi Katra
  • Railways Take Steps to Promote Religious & Historic Tourism in the Country
  • Railways to Develop 10 Major Railway Stations to International Standards
  • Railways to Provide 400 More Escalators at 172 Stations
  • Min of Statistics & Programme Implementation
  • Survey Regarding Employment in Various Sectors
  • Facilitation Centres under MPLAD Scheme
  • Handpumps under MPLAD Scheme
  • Per Capita Expenditure
  • Min of Textiles
  • Closure of Textile Industries
  • Scheme for Integrated Textile Parks
  • Incentive to Jute Industry
  • Target for Export of Readymade Garments
  • Min of Women and Child Development
  • Draft Juvenile Justice (Care and Protection of Children) Bill, 2014 circulated for inter-ministerial consultation
  • Min of Youth Affairs & Sports
  • Minister of Youth Affairs & Sports, Sarbananda Sonowal congratulates Indian medal winners on the 8th day in Commonwealth Games 2014

Previous Date

 
Ministry of Commerce & Industry12-February, 2013 18:10 IST
India Poised to be the Leading International Trading Hub for Rough Diamonds
Task Group report to make recommendations to help India retain its primacy as a trading hub

Shri Anand Sharma, Union Minister of Commerce, Industry and Textiles accepted and unveiled a Task Group report to make India an International Trading hub for rough diamonds. The task group on diamonds was constituted by the Minister of Commerce, Industries and Textiles under the Chairmanship of Director General of Foreign Trade, Dr. Anup K. Pujari keeping in view the slump in exports of diamonds from India through the last few quarters.

Some of the recommendations in report include setting up of a Special Notified Zone for import and trading of rough diamonds, permission to import cut and polished diamonds duty free up to the extent of 15% of the average of previous 3 years’ exports and reducing the rate of computation of profit under Benign Assessment Procedure (BAP) from 6% to 2.5%, amongst others.

Commenting on the report, Shri Sharma mentioned that “The conscience of the Indian diamond sector and the commitment of Indian government for clean and responsible diamond trading is really high. Some mischievous and malicious elements of late have been trying to malign the perception of the Indian Diamond Sector, which the Indian Government will not allow.

India is the largest diamond cutting and polishing center in the world, committed to continuing as a responsible and active member of the Kimberley Process Certification System by implementing all its regulations. Very few countries are having such an impeccable record and the world would not have been able to reach less than 1% trading of conflict diamonds, if India would not have vouched for the same so steadfastly.”

The task group which comprised of members, both from the Government and Industry, did an extensive review of the issues related to the trade facilitation, taxation, fiscal measures and promotional matters related to the Indian diamond industry in line with such practices prevalent at other global diamond centres.

This report is of great importance to the Government as India currently enjoys the status of the foremost hub for manufacturing of diamonds in the world. Diamond Exports is also a major contributor to the merchandise exports of the country. It also employs a large number of people from the underprivileged section of the society in India.

Shri Sharma appreciated the suggestions of the Task Group to help India retain its primacy as a trading hub, committed to take up the recommendations, which have been put forward with the concerned departments of the Govt. in a time bound manner so as to decrease the transaction cost of exports, simplify the compliance of the trade with taxation authorities and benefit the trade with the natural resources that is emanating out of India. The Minister also noted that the Ministry had already issued the necessary orders to implement certain pertinent demands of the industry immediately after the same have been demanded by the industry, like granting of bonded warehouse facility for diamonds which had been necessitated due to the imposition of 2% import duty on cut & polished diamonds.

Some of the salient recommendations of the task group are:

- Reducing the rate of computation of profit under Benign Assessment Procedure (BAP) from 6% to 2.5%.

- 15% duty free re-import quota for import of cut and polished diamonds

- Setting up of a Special Notified Zone for import and trading of rough diamonds

- Establishment of a USD 3-5 billion fund for banks to refinance their dollar loans to the industry

- Extending the 2% interest subvention scheme to the industry, as most diamond manufacturing companies do not fall under the current scheme

- Continuation of the system of Honorary Valuation Panels for the diamond sector

- Defining a beneficiation policy for diamonds mined in India

- Setting up of a Rs 200 crore Technological Upgradation Fund Scheme (TUFS)

- Establishment of a fund in partnership with the industry for generic promotion of diamonds and promotion of diamonds

- Other procedural related suggestions to reduce transaction costs of exports

The industry commended the proactive role of the government in trying to solve the industry specific issues and anticipates that the recommendations will be implemented within the specified time period as to be decided by the government.

*******


DS/RK
(Release ID :92186)

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