Foreign Exchange Management Act, 1999 –Import of Rough, Cut and Polished Diamonds

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.... Exchange Management Act, 1999 -Import of Rough, Cut and Polished Diamonds Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to the A.P.(DIR Series) Circular No.59 dated May 6, 2011, in terms of which AD Category - I banks were permitted to approve Suppliers' and Buyers' Credit (Trade Credit), including the usance period of Letters of Credit for import of Rough, Cut....

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....d Anti-Money Laundering (AML) Standards, issued by the Reserve Bank are adhered to while undertaking the import transactions. Further, any large or abnormal increase in the volume of business should be closely examined to ensure that the transactions are bonafide. All other instructions relating to imports of Rough, Cut and Polished Diamonds shall continue. 4. AD Category - I banks may bring th....