Advance Remittance for Import of Rough Diamonds

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....aler Category - I (AD Category -I) banks is invited to A.P. (DIR Series) Circular No 34 dated March 02, 2007 in terms of which we had, based on the recommendations of Gems and Jewellery Export Promotion Council (GJEPC), notified the names five mining companies (since increased to nine over a period of time) to whom an importer (other than a Public Sector Company (PSC) or a Department / Undertaking....

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....rtment / Undertaking of Government of India / State Government) can make advance payments, without any limit / bank guarantee/ stand-by letter of Credit. 4. While allowing the advance remittance without bank guarantee for import of rough diamonds, the AD Category - I banks must ensure the following: • The overseas mining company should have the recommendation of GJEPC. â€....

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.... • 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. • In case of an importer entity in the Public Sector or a Department / Undertaking of the Government of India / State Government/s, AD Catego....

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....ons contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law. Yours faithfully, (C. D. Srinivasan) Chief General Manager Annex [A. P. (DIR Series) Circular No.116 dated- April 1, 2014] Statement of Advance Remittance....