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

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..... ory 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 and Polished Diamonds for a period not exceeding 90 days from the date of shipment. 2. Taking into considera .....

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..... 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 the contents of this circular to the notice of their constituents and customers concerned. 5. The directions co .....

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