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of <h1>Extension of clean credit for imported rough, cut and polished diamonds allowed up to 180 days with conditions</h1> AD Category-I banks are authorised to permit extension of 'clean credit' for import of rough, cut and polished diamonds beyond the existing 180-day shipment period, subject to satisfaction as to genuineness and bonafides, absence of interest for the additional period, extensions limited to financial difficulty or quality disputes, no pending investigation against the importer, and that the importer is not a frequent offender; extensions may be granted up to 180 days beyond the due date after which cases must be referred to the RBI regional office. Banks must perform KYC/AML due diligence and submit half-yearly customer-wise reports of such extensions.
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