RBI/2013-14/365
A. P. (DIR Series) Circular No.71
November 8, 2013
To
All Category-I Authorised Dealer Banks
Madam / Sir,
Advance Category – I Authorised Dealer Banks
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited
to the provisions contained in
A.P.(DIR Series) Circular No.21 dated December
29, 2009 in terms of which, AD Category – I banks have been 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 nine mining companies, subject to certain
conditions.
- Based on the recommendations of the Gems and Jewellery Export
Promotion Council (GJEPC), the names of the two mining companies listed in
the above circular have been changed as indicated below:
- De Beers UK Ltd to De Beers Global Sightholder Sales Proprietary Ltd.
- BHP Billiton, Belgium to Dominion Diamond Marketing.
- All the instructions issued in respect of advance remittance for import
of rough diamonds, vide
A.P. (DIR Series) Circular No.21 dated December 29,
2009 and Import of rough, cut and polished diamonds, vide
A.P.(DIR Series)
Circular No.59 dated May 6, 2011, shall remain unchanged.
- AD Category – I banks may bring the contents of this circular to the
notice of their constituents and customers concerned.
- The directions contained in this circular have been issued under Section
10 (4) and Section 11 (1) of the Foreign Exchange Management Act (FEMA),
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