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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Advance remittances for specified rough diamond imports allowed without monetary limit, subject to due diligence, export evidence, reporting</h1> AD Category-I banks are authorized to permit advance remittances without any monetary limit and without bank guarantee or standby letter of credit for import of rough diamonds from specified mining companies (Diamond Trading Company Pvt. Ltd., RIO TINTO, BHP Billiton, ENDIAMA, ALROSA, GOKHARAN), permitting unlimited advances for such suppliers. Banks must ensure the importer is a recognised processor per a GJEPC-approved list with satisfactory export realisations, exercise commercial judgment on bonafides, remit directly to the ultimate beneficiary and avoid conflict diamonds, complete KYC/due diligence on both parties, and secure submission of import evidence - these conditions must be satisfied before permitting remittance. For public sector importers, advances = USD100,000 require a Ministry of Finance waiver before permitting remittance. Banks must report advances = USD5,000,000 to the RBI semi-annually in the prescribed format.
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