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A. P. (DIR Series) Circular No. 34 dated March 2, 2007
Re : Advance Remittance for Import of Rough Diamonds
This Circular brings out the further liberlisation for import of Rough Diamonds.
Presently advance remittance up to US $ 1,000,000 is permitted without bank
guarantee/standby letter of credit.
On the basis of recommendations of the Expert Committee on Gems and Jewellery
sector, constituted by the Ministry of Finance and as a measure of further
liberalization it has been permitted to allow 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 undernoted mining companies, viz.
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Diamond Trading Company Pvt. Ltd., UK,
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RIO TINTO, UK,
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BHP Billiton, Australia,
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ENDIAMA, E. P. Angola,
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ALROSA, Russia, and
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GOKHARAN, Russia
The Circular further lists out the checks and caution to be
observed by A.Ds. and certain reporting requirements for A.Ds.
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Management produces orderly results. Leadership creates
useful change. You need both to be effective.
— John P. Kotter |
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