Advance Remittance for Import of Rough Diamonds

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....7 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 of the Government of India / State Government) was allowed to make advance remittance without any limit an....

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....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. * The importer should be a recognised processor of rough diamonds and should have a good track record. * AD Category - I banks shoul....

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....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 Category - I banks may permit the advance remittance subject to the above conditions and a specific waiver of bank guarantee from the Ministry of Finance, Government of India, where the advance payments is e....

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....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 without bank guarantee or standby letter of credit where the amount of advance is equivalent to or more than USD 5 million for import of Rough Diamonds for the period ended ……………&hell....