Advance Remittance for Import for Rough Diamonds
With a view to further liberalize the procedure for facilitating the import of rough diamonds, RBI has now decide that henceforth RBI will not notify whom an importer (other than a public Sector Company or a department/undertaking of the Government of India/State government) may import rough diamond into India, by way of advance payment, without any limit/bank guarantee/stand-by letter of credit. (Currently 9 such name of overseas mining companies have been notified by RBI)
Ad category - I bank are, henceforth, permitted to take decision on overseas mining companies to whom an importer (other than PSC or department/Undertaking of GOI/State Government) can make advance payments, without any limit/bank guarantee/stand-by letter of Credit.
AD category – I bank are required to submit a report of all such advance remittances made without a bank guarantee or standby letter of credit, where the amount of advance payment is equivalent to or exceeds USD 5,000,000/- to the concerned Regional Office of RBI, in the specified format, with in 15 calendar days of the close of each half year.
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