Advance Remittance for Import of Rough Diamonds

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....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 goods into India. 2. The Expert Committee on Gems and Jewellery Sector, constituted by the Ministry of Finance, Government of India has recommended that a more liberal approach may be adopted on advance payment for import of rough diamonds. Based on the recommendations, the Gems and Jewellery Export Promotion Council (GJEPC) approached the Reserve Bank for allowing import of rough diamonds from five mining companies of rough diamonds, viz., i) RIO TINTO, UK; ii) BHP Billiton, Australia; iii) ENDIAMA, E. P. Angola; iv) ALROSA, Russia; and v) G....

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....n 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 the country by the importer, in terms of the Act / Rules / Regulations / Directions issued in this regard. 5. In case of an importer entity in the Public Sector or a Department / Undertaking of the Government of India / State Government/s, AD Category - I banks may permit advance remittance subject to the above conditions and a specific waiver of bank guarantee from the Mini....