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of <h1>Import credit for rough, cut and polished diamonds extended to maximum 180 days; banks must enforce KYC/AML due diligence</h1> Clean credit for import of rough, cut and polished diamonds is extended to a maximum of 180 days from date of shipment, permitting foreign suppliers to provide credit to Indian buyers without Letters of Credit, Letters of Undertaking or Indian bank deposits for that period. AD Category-I banks must conduct due diligence and comply with KYC and AML standards, with obligation to closely examine any large or abnormal increases in transaction volume to ensure bonafide trade. All other existing instructions on diamond imports remain operative.
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