Payment procedure for rough diamond import made easier
Updated: Apr 01, 2014 04:28:35pm
Mumbai, April 1 (KNN) With the view to liberalising the procedure further facilitating the import of rough diamonds, the RBI has done away with limiting the number of mining companies to whom an importer is allowed to make advance remittance without bank guarantee.
“…it has now been decided that henceforth Reserve Bank of India will not notify the names of overseas mining companies from whom an importer (other than PSC or Department / Undertaking of Government of India / State Government) may import rough diamonds into India, by way of advance payments, without any limit / bank guarantee/ stand-by letter of Credit,” RBI today said in a notification.
Banks which are Authorized Dealers have now been permitted to take decision on overseas mining companies to whom an importer (other than PSC or Department / Undertaking of Government of India / State Government) can make advance payments, without any limit / bank guarantee/ stand-by letter of Credit.
However, they must ensure that the overseas mining company should have recommendations of the Gems & Jewellery Export Promotion Council (GJEPC) and the importer should be a recognised processor of rough diamonds and should have a good track record.
The banks must also do with due diligence as regards to KYC norms. (KNN Bureau)
“…it has now been decided that henceforth Reserve Bank of India will not notify the names of overseas mining companies from whom an importer (other than PSC or Department / Undertaking of Government of India / State Government) may import rough diamonds into India, by way of advance payments, without any limit / bank guarantee/ stand-by letter of Credit,” RBI today said in a notification.
Banks which are Authorized Dealers have now been permitted to take decision on overseas mining companies to whom an importer (other than PSC or Department / Undertaking of Government of India / State Government) can make advance payments, without any limit / bank guarantee/ stand-by letter of Credit.
However, they must ensure that the overseas mining company should have recommendations of the Gems & Jewellery Export Promotion Council (GJEPC) and the importer should be a recognised processor of rough diamonds and should have a good track record.
The banks must also do with due diligence as regards to KYC norms. (KNN Bureau)
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