75th Founding Day Lecture Meeting on “India@2030” Know More

August 2014

A. P. (DIR Series) Circular No. 2 dated 7th July, 2014

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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Foreign Exchange Management Act, 1999 – Import of Rough, Cut and Polished Diamonds

This circular states that with immediate effect, importers of Rough, Cut and Polished Diamonds can import the same on Clean Credit basis (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 a period not exceeding 180 days from the date of shipment.

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