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RBI eases remittance limit for diamond importers
Our Bureau
Mumbai, Nov 7 The Reserve Bank of India has further relaxed the remittance limit to $300,000 from $100,000 to importers of rough diamonds provided import bills and documents are directly procured from overseas suppliers.
The importer should provide documentary evidence for import at the time of remittance, said a notification from RBI.
It has to be ensured that the import is subject to the prevailing Foreign Trade Policy. “The transactions should be based on their commercial judgment and banks should do the ‘KYC’ and due diligence exercise and should be fully satisfied about the financial standing/status and track record of the importer customer,” said the notification. Before extending the facility, they should also obtain a report on each individual overseas supplier from the overseas banker or reputed credit agency overseas.
The Gems and Jewellery Export Promotion Council (GJEPC) had represented that the restrictions placed on non-status holder exporters for direct receipt of import bills/documents, where the value exceeds $100,000, adds to transaction costs for small importers and had requested the Reserve Bank to consider relaxing this condition for import of rough diamonds by non-status holders.
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