CIR. NO. 21/2009-10-RB, DT. 29/12/2009
- Document type
- Circular
- Dated
- Category
- A.P. (DIR Series) Circulars
Advance Remittance for Import of Rough Diamonds
Advance Remittance for Import of Rough Diamonds
2. Based on the recommendations of the Gems and Jewellery Export Promotion Council (GJEPC), it has been decided to include the name of Namibia Diamond Trading Company (PTY) Ltd (NDTC) to make advance remittance without any limit and without bank guarantee or standby letter of Credit.
3. Accordingly, AD Category I banks are now permitted to make advance remittance without any limit and without bank guarantee or standby letter of Credit, by an importer (other than Public Sector Company or Department / Undertaking of the Government of India /State Governments), for import of rough diamonds into India from the undernoted nine mining companies, subject to certain conditions:
- i. De Beers UK Limited,
ii. RIO TINTO, UK,
iii. BHP Billiton, Australia,
iv. ENDIAMA, E.P. Angola,
v. ALROSA, Russia,
vi. GOKHARAN, Russia,
vii. RIO TINTO, Belgium,
viii. BHP Billiton, Belgium and
ix. Namibia Diamond Trading Company (PTY) Ltd (NDTC).
5. AD Category I banks may bring the contents of this circular to the notice of their constituents and customers concerned.
6. The Directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully,
(Salim Gangadharan)
Chief General Manager-in-Charge