Stay abreast with the latest developments in the professional domain along with in-depth analysis through the monthly BCA Journal. Get access to an engaging library of researched publications from the BCAS stable.
Learn MoreExplore past issues of BCA Journal & indulge in a treasure trove of high-quality professional content across format of print, videos & learning events from the BCAS stable.
Learn More
Part C:
FEMA
Given below are the highlights of certain RBI
circulars, press notes and notifications
31 A. P. (DIR Series) Circular No. 21, dated
December 29, 2009
Advance Remittance for Import of Rough Diamonds
Presently, advance remittances without any limit
and without a bank guarantee or standby letter of credit for import of rough
diamonds into India, can be made to eight mining companies by eligible
importers.
| Average Maturity Period |
All-in-cost ceilings over six month Libor for the respective currency of borrowing or applicable benchmark |
| 3 years and up to 5 years |
300 basis points |
| More than 5 years |
500 basis points |
Now, advance remittances can be made by eligible
importers without any limit and without a bank guarantee or standby letter of
credit for import of rough diamonds into India to Namibia Diamond Trading
Company (PTY) Limited (NDTC).
The names of the nine mining companies to whom
advance remittance as above can be made are: –
1. De Beers UK Limited
2. RIO TINTO, UK
3. BHP Billiton, Australia
4. ENDIAMA, E. P. Angola
5. ALROSA, Russia
6. GOKHARAN, Russia
7. RIO TINTO, Belgium
8. BHP Billiton, Belgium
9. Namibia Diamond Trading Company (PTY) Limited
(NDTC).
