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of <h1>Banks Can Extend Credit for Diamond Imports Beyond 180 Days with Conditions: RBI Guidelines.</h1> The circular addresses Authorized Dealer Category-I banks regarding the import of rough, cut, and polished diamonds. It references previous guidelines allowing clean credit for up to 180 days without a letter of credit. To alleviate operational challenges, banks can now permit extensions beyond 180 days under specific conditions, such as verifying the transaction's legitimacy and ensuring no interest payments for the extra period. Extensions are allowed for financial difficulties or quality disputes, provided the importer is not under investigation or a frequent offender. Banks must report extensions semi-annually to the Reserve Bank and adhere to KYC and AML standards.
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