Rajarathnam's Jewels, In re
Date: July 27, 2018
Subject Matter
Mere deposit of diamond with safe vaults does not constitute of supply of diamonds
Summary
The applicant is desirous of entering into a derivative contract in diamonds through Indian Commodity Exchange Limited 'ICEX' or the Exchange The applicant has sought advance ruling in respect of the following question: ( a ) Whether mere dep…
12. FINDINGS & DISCUSSION: a . The submissions of the applicant is verified and found the following: i . The applicant proposes to convert diamond to e-Units by depositing them to the safe vault, obtaining an EVR and surrendering the EVR to obtain e-Units. In this transaction, the diamonds are handed over to the Safe Vault and obtains the receipt of such deposit. As per the submissions made by…