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May 2008

A.P. (DIR Series) Circular No. 37, dated 16-4-2008 — Direct receipt of Import Bills/Documents for Import of Rough Precious & Semi-Precious Stones — Liberalisation.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
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Given below are the highlights of RBI Circulars.


 

30 A.P. (DIR Series) Circular No. 37, dated
16-4-2008 — Direct receipt of Import Bills/Documents for Import of Rough
Precious & Semi-Precious Stones — Liberalisation.

Presently, remittances for imports up to US $ 100,000 can be
made even when the import bills/ documents are directly received by the importer
from the overseas supplier.

This Circular has increased this limit to US $ 300,000 in
case of import of rough precious and semi-precious stones by non-status holder
exporters. Hence, non-status holder exporters of rough precious and
semi-precious stones can now make remittances for imports up to US $ 300,000
even when the import bills/documents are directly received by them from the
overseas supplier. Thus, they have been brought on par with non-status holder
exporters who import rough diamonds.

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