Advance remittance liberalisation for rough diamond imports permits unlimited prepayments to specified miners subject to KYC and reporting. AD Category - I banks may permit advance remittances without monetary limit and without bank guarantee or standby letter of credit for import of rough diamonds from a specified list of overseas mining companies, provided the importer is a GJEPC recognised processor with good export track record; banks satisfy themselves of the transaction's bonafides, make payments strictly to the ultimate beneficiary account, exercise caution against conflict diamonds, perform KYC and due diligence on both parties, obtain import evidence, and report large advance payments to the Reserve Bank as required.
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Provisions expressly mentioned in the judgment/order text.
Advance remittance liberalisation for rough diamond imports permits unlimited prepayments to specified miners subject to KYC and reporting.
AD Category - I banks may permit advance remittances without monetary limit and without bank guarantee or standby letter of credit for import of rough diamonds from a specified list of overseas mining companies, provided the importer is a GJEPC recognised processor with good export track record; banks satisfy themselves of the transaction's bonafides, make payments strictly to the ultimate beneficiary account, exercise caution against conflict diamonds, perform KYC and due diligence on both parties, obtain import evidence, and report large advance payments to the Reserve Bank as required.
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