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Advance remittance authorisation allows unlimited, unguaranteed payments for specified rough diamond imports after supplier name change. Authorised Dealer Category - I banks may permit advance remittances without limit and without bank guarantee or standby letter of credit for importers (excluding public sector and government departments/undertakings) importing rough diamonds from the specified list of suppliers; existing conditions in the prior circular remain unchanged. The circular also records the name change of Diamond Trading Company Pvt. Ltd. UK to De Beers UK Limited and directs banks to notify constituents; the directions are issued under the Foreign Exchange Management Act.
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Advance remittance authorisation allows unlimited, unguaranteed payments for specified rough diamond imports after supplier name change.
Authorised Dealer Category - I banks may permit advance remittances without limit and without bank guarantee or standby letter of credit for importers (excluding public sector and government departments/undertakings) importing rough diamonds from the specified list of suppliers; existing conditions in the prior circular remain unchanged. The circular also records the name change of Diamond Trading Company Pvt. Ltd. UK to De Beers UK Limited and directs banks to notify constituents; the directions are issued under the Foreign Exchange Management Act.
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