TaxTMI 
TaxTMI 
Advance Remittance for Import of Rough Diamonds
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.... paragraph A.6 of the Annexure to A. P. (DIR Series) Circular No.106 dated June 19, 2003 and A.P. (DIR Series) Circular No.15 dated September 17, 2003, in terms of which AD Category - I banks have been permitted to make advance remittance up to USD 1,000,000/- (USD One Million) or its equivalent, without a bank guarantee / Standby letter of credit, subject to the conditions specified for import of....
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.... AD Category - I banks are, henceforth, permitted to allow advance remittance without any limit and without bank guarantee or standby letter of credit, by an importer (other than a Public Sector Company or a Department / Undertaking of the Government of India / State Government/s), for import of rough diamonds into India from the undernoted mining companies, viz. i) Diamond Trading Company Pvt. ....
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.... otherwise. Further, due caution may be exercised to ensure that remittance is not permitted for import of conflict diamonds; (iv) KYC and due diligence exercise should be done by the AD Category - I banks for the Indian importer entity and the overseas company; and (v) AD Category - I banks should follow up submission of the Bill of Entry / documents evidencing import of rough diamonds into t....
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.... Reserve Bank of India, Foreign Exchange Department, Trade Division, Central Office, Amar Bhawan, Sir. P. M. Road, Fort, Mumbai - 400 001, on a half yearly basis, as at the end of September and March every year, in the format annexed. The deadline for submission of the report would be 15 calendar days after the close of each half year. 7. AD Category - I banks may bring the contents of this circu....