Q. Consider the following statements regarding the Diamond Imprest Authorization (DIA) Scheme:
1.It aims to enhance the competitiveness of India’s diamond industry by facilitating the duty-free import of smaller diamonds.
2.It is administered by Special Economic Zones (SEZ) Policy of India’s trade.
Which of the statement(s) given above is/are correct?
Answer: A
Notes:
Explanations –
Statement 1 is correct. The DIA Scheme’s primary goal is to enhance the competitiveness of India’s diamond industry by allowing duty-free imports of smaller diamonds (under ¼ carat). This aims to support value addition within India and boost exports.
Statement 2 is incorrect. The DIA Scheme is not administered by the Special Economic Zones (SEZ) Policy. It is introduced by the Ministry of Commerce & Industry, Government of India. Directorate General of Foreign Trade (DGFT) oversees the implementation of the DIA Scheme in India.
Source: DD News
