Direct receipt of import bills for rough precious and semi-precious stones extends liberalised eligibility and bank due diligence conditions. Non-status holder exporters of rough precious and semi-precious stones may receive import bills/documents directly from overseas suppliers and obtain remittance from AD Category I banks up to the enhanced threshold where documentary evidence is produced; banks must comply with the Foreign Trade Policy, satisfy themselves as to bonafides, complete KYC and due diligence on the importer, and obtain reports on overseas suppliers.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Direct receipt of import bills for rough precious and semi-precious stones extends liberalised eligibility and bank due diligence conditions.
Non-status holder exporters of rough precious and semi-precious stones may receive import bills/documents directly from overseas suppliers and obtain remittance from AD Category I banks up to the enhanced threshold where documentary evidence is produced; banks must comply with the Foreign Trade Policy, satisfy themselves as to bonafides, complete KYC and due diligence on the importer, and obtain reports on overseas suppliers.
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