New Delhi, Jun 25 (PTI) The government on Thursday gave an extra time of three months to exporters of cut and polished diamonds, who send their products abroad for testing in laboratory, for duty free reimport of consignment due to the unprecedented situation arising out of the COVID-19 pandemic.

According to the current Foreign Trade Policy (FTP) norms, an exporter (with annual turnover of Rs 5 crore for each of the last three years) or an authorised office/agency sending cut and polished diamonds (each of 0.25 carat or above) for testing abroad has to reimport the consignment at zero duty within a period of three months.

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The FTP is amended to enhance "the time limit for re-import facility with zero duty from three months to six months for cases where re-import period is expiring between February 1, 2020 to July 31, 2020 in light of Covid-19," the Directorate General of Foreign Trade (DGFT) said in a notification.

Welcoming the decision, an industry expert said the customs authorities should immediately issue a notification to give full effect to DGFT's decision.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)