Advance Remittance for Import of Rough Diamonds

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..... Circular No 34 dated March 02, 2007 in terms of which we had, based on the recommendations of Gems and Jewellery Export Promotion Council (GJEPC), notified the names five mining companies (since increased to nine over a period of time) to whom an importer (other than a Public Sector Company (PSC) or a Department / Undertaking of the Government of India / State Government) was allowed to make adva .....

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..... advance payments, without any limit / bank guarantee/ stand-by letter of Credit. 4. While allowing the advance remittance without bank guarantee for import of rough diamonds, the AD Category I banks must ensure the following: The overseas mining company should have the recommendation of GJEPC. The importer should be a recognised processor of rough diamonds and should have a good tra .....

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..... the importer, in terms of the Act / Rules / Regulations / Directions issued in this regard. In case of an importer entity in the Public Sector or a Department / Undertaking of the Government of India / State Government/s, AD Category - I banks may permit the advance remittance subject to the above conditions and a specific waiver of bank guarantee from the Ministry of Finance, Government of In .....

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..... udice to permissions/ approvals, if any, required under any other law. Yours faithfully, (C. D. Srinivasan) Chief General Manager Annex [A. P. (DIR Series) Circular No.116 dated- April 1, 2014] Statement of Advance Remittance without bank guarantee or standby letter of credit where the amount of advance is equivalent to or more than USD 5 million for import of Rou .....

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..... 3 Name, Designation Signature of the authorised official of the bank : Date : Stamp : - Circular - Trade Notice - Public No .....

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