(a)

the imports are made under a,-

(i)

Replenishment Licence issued under and in accordance with paragraph 8.2 of the Export and Import Policy read with paragraph 8.3 of the Handbook of Procedures, Vol. I;

(ii)

Diamond Imprest Licence issued under and in accordance with paragraph 8.3 of the Export and Import Policy read with paragraphs 8.11 and 8.12 of the Handbook of Procedures, Vol. I;

(iii)

Bulk Licence issued under and in accordance with paragraph 8.10 of the Export and Import Policy read with paragraphs 8.21 to 8.25 of the Handbook of Procedures, Vol. I;

(iv)

Replenishment licence issued under and in accordance with paragraph 8.37 of the Export and Import Policy read with paragraphs 8.82 to 8.84 [A] of the Handbook of Procedures, Vol. I; or

(v)

Gem Replenishment Licence issued under and in accordance with paragraph 8.38 of the Export and Import Policy ;

(b)

in case of rough diamonds imported under S.Nos. (ii) or (iii) of para (a) above, the importer executes a bond in such form and for such sum as may be specified by the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, and furnishes a bank guarantee for a sum equivalent to the duty leviable on the said rough diamonds so imported, undertaking himself to achieve the export obligation as stipulated in the Export and Import Policy and Handbook of Procedures, Vol. I and binding himself to pay on demand duty on the said rough diamonds along with the interest thereon at the rate of twenty-four per cent. per annum on the said duty from the date of the duty free importation till the date of payment of duty, in the case of non-fulfilment of export obligation or any other conditions as stipulated in the Export and Import Policy or Handbook  of Procedures, Vol. I; and

(c)

the importer shall maintain a proper account of import, consumption and utilization of the said goods and exports made by him, as the case may be, and shall submit such account to the said Deputy Commissioner or Assistant Commissioner of Customs, as the case may be, in such form, in such manner, at such intervals and within such time, as may be specified by the Commissioner of Customs in this regard.

(a)

“Export and Import Policy” means the Export and Import Policy, 1997-2002, notified by Government of India in the Ministry of Commerce, vide notification No. 1 (RE-99)/1997-2002 dated the 31^st March, 1997, as amended from time to time.

(b)

“Handbook of Procedures, Vol. I” means the Handbook of Procedures, Volume I, published vide Public Notice of the Government of India in the Ministry of Commerce, No. 1 (RE-2000)/     1997-2002, dated 31^st March, 2000, as amended from time to time.