Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: cpt :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: form 3cd :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India
 
 
« Latest Circulars »
 RBI to conduct 7 day Variable Rate Reverse Repo Auction under LAF on July 24, 2017
 Results of Underwriting Auctions Conducted on July 20, 2017
 Master Circular – Detection and Impounding of Counterfeit Notes
 Monitoring of Foreign Investment under PIS in Indian Companies – M/s The Byke Hospitality Limited - 1. Increase in FIIs/FPIs Investment limit under Portfolio Investment Scheme from 24% to 40% Removal from the FIIs/ FPIs Caution List
 RBI's Monthly Bulletin for July 2017
 Financial Action Task Force (FATF) Public Statement dated June 23, 2017
 All-India House Price Index (HPI) recorded marginal increase in Q4:2016-17
 Auction of Government of India Dated Securities July 17, 2017
 RBI-Interest rates for Small Savings Schemes
 Priority Sector Lending – Status, Issues and Future Agenda (Shri S S Mundra, Deputy Governor - June 27, 2017 - at the ”Conference on Credit flow to Priority Sector – Policy and Implementation” held at College of Agricultural Banking, Pune1)
 Audit Committee of the Board of Directors – Nomination of Non-Executive Chairman

RBI-Foreign Exchange Management Act, 1999 Import of Rough, Cut and Polished Diamonds
July, 08th 2014

RBI/2014-15/119
A.P. (DIR Series) Circular No.2

July 7, 2014

To

All Category – I Authorised Dealer Banks

Madam/ Sir,

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

Attention of Authorised Dealer Category – 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 consideration the representations received from the diamond importers and the GJEPC, it has been decided, in consultation with the Government of India, that the Clean Credit i.e. credit given by a foreign supplier to its Indian customer/ buyer, without any Letter of Credit (Suppliers’ Credit) / Letter of Undertaking (Buyers’ Credit) / Fixed Deposits from any Indian financial institution for import of Rough, Cut and Polished Diamonds, may be permitted for a period not exceeding 180 days from the date of shipment. The revised directions will come into force with immediate effect.

3. AD Category – I banks should ensure that due diligence is undertaken and Know-Your-Customer (KYC) Norms and Anti-Money Laundering (AML) Standards, issued by the Reserve Bank are adhered to while undertaking the import 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 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

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions