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Advance Remittance for Import of Rough Diamonds

RBI/2008-09/133
A. P. (DIR Series) Circular No. 08

August 21, 2008

To

All Category – I Authorised Dealer Banks

Madam / Sir,

Advance Remittance for Import of Rough Diamonds

Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to A. P. (DIR Series) Circular No.34 dated March 02, 2007 and A. P. (DIR Series) Circular No.03 dated August 04, 2008,  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 a Public Sector Company or a Department / Undertaking of the Government of India / State Government/s), for import of rough diamonds into India from the under noted mining companies, subject to certain conditions :

i)  Diamond Trading Company Pvt. Ltd., UK,
ii) RIO TINTO, UK
iii) BHP Billiton, Australia
iv) ENDIAMA, E. P. Angola,
v) ALROSA, Russia,
vi) GOKHARAN, Russia,
vii) RIO TINTO, Belgium and
viii) BHP Billiton, Belgium

2. It is informed that, with effect from August 01, 2008, the name of the Diamond Trading Company Pvt. Ltd. UK has been changed to De Beers UK Limited. Accordingly, the change in the name of the company may be noted by AD Category – I banks. The other terms and conditions mentioned in A. P. (DIR Series) Circular No.03 dated August 04, 2008 shall remain unchanged.

3. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned.

4. 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


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