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of <h1>RBI Limits Credit Period to 90 Days for Diamond Imports; Stresses KYC and Anti-Money Laundering Compliance for Banks.</h1> The Reserve Bank of India has issued a circular to Category-I Authorized Dealer Banks under the Foreign Exchange Management Act, 1999, concerning the import of rough, cut, and polished diamonds. The circular mandates that the usance period for Suppliers' and Buyers' credit, including Letters of Credit for diamond imports, must not exceed 90 days from the shipment date. Banks must adhere to Know-Your-Customer norms and Anti-Money Laundering standards. Any significant increase in business volume should be scrutinized to ensure transactions are legitimate. Previous instructions regarding the import of gold, platinum, palladium, rhodium, and silver remain unchanged.
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