विज्ञप्तियां उर्दू विज्ञप्तियां फोटो निमंत्रण लेख प्रत्यायन फीडबैक विज्ञप्तियां मंगाएं Search उन्नत खोज
RSS RSS
Quick Search
home Home
Releases Urdu Releases Photos Invitations Features Accreditation Feedback Subscribe Releases Advance Search
home  Printer friendly Page home  Email this page
English Release 20-August 2014
Date Month Year
  • President's Secretariat
  • President of India condoles the passing away of Shri Bks Iyengar
  • Conference of Chairmen, Board of Governors and Directors of Indian Institutes of Technology to be held on August 22
  • Prime Minister's Office
  • PM condoles the passing away of Yogacharya BKS Iyenger
  • PM presents DRDO awards
  • Cabinet
  • Digital India – A programme to transform India into digital empowered society and knowledge economy
  • Nagpur Metro Rail Project
  • USOF supported scheme to provide mobile services in areas affected by Left Wing Extremism
  • Min of Comm. & Information Technology
  • Digital India – A programme to transform India into digital empowered society and knowledge economy
  • USOF supported scheme to provide mobile services in areas affected by Left Wing Extremism
  • Min of Defence
  • Raksha Mantri Lays Foundation Stone for Nau Sena Bhawan Building Complex
  • Make DRDO a Hub for Defence Manufacturing – Arun Jaitley
  • The Coas Pays Respect to Mortal Remains of Havildar Gaya Prasad
  • Port Call INS Sahyadri at Manila, Philippines
  • Ministry of Finance
  • Public Comments sought on Draft of Forward Contracts (Regulation) (Intermediaries) Rules, 2014
  • Min of Food Processing Industries
  • Committee setup to suggest restructuring of FCI
  • Min of Health and Family Welfare
  • No Ebola suspect case admitted today to Quarantine cum Isolation Health Facility at Delhi Airport
  • Min of Home Affairs
  • Home Minister Reviews Assam-Nagaland Border Incidents
  • Special Training on Disaster Management
  • Director General Level Talks Between NCB, India and PNB, Sri Lanka
  • Home Minister Launches the Plan Scheme of Mainstreaming Civil Defence in Disaster Risk Reduction
  • FCRA Outreach Seminar in Maharashtra
  • Min of Personnel, Public Grievances & Pensions
  • Dr. Jitendra Singh Submits Proposal for Women Toilets in Border Areas of J&K
  • ACC Appointment
  • Min of Petroleum & Natural Gas
  • Petroleum & Natural Gas Minister reviewed the project of tourist facilities and peripheral being developed by the Indian Oil Foundation Trust
  • Global crude oil price of Indian Basket decreased to US$ 99.94 per bbl on 19.08.2014
  • Min of Power
  • PM to Dedicate 765 kV Ranchi-Dharamjaygarh-Sipat Inter-Regional Transmission Line ;
  • Prime Minister to Dedicate Mouda Super Thermal Power Project to the Nation in Nagpur Tomorrow
  • Ministry of Tourism
  • State Tourism Ministers Conference to be held in New Delhi on 21st August 2014
  • Min of Urban Development
  • Nagpur Metro Rail Project
  • DDA to Take up Projects to Decongest Five Critical Roads
  • Ministry of Water Resources
  • 2015-2016 to be Observed as Water Conservation Year One Uninterrupted Stream of Ganga to be Ensured within Three Years Says Uma Bharti
  • Min of Youth Affairs & Sports
  • SAI released Rs. 11.27 crore to Hockey India during 2014-15 for various activities against the allocated budget of Rs. 10.50 crore

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)

Web Ratana This site is winner of Platinum Icon for 'Outstanding Web Content' Web Ratna Award'09 presented in April 2010
Site is designed and hosted by National Informatics Centre (NIC),Information is provided and updated by Press Information Bureau
"A" - Wing, Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi - 110 001 Phone 23389338
Go Top Top

उपयोग संबंधी शर्तें स्वोत्वाधिकार नीति गोपनीयता संबंधी नीति हाइपरलिंकिंग नीति Terms of Use Copyright Policy Privacy Policy Hyperlinking Policy