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March 2013

Foreign Exchange Management Act, 1999 – Import of precious and semi precious stones – Clarification

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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This circular clarifies that, with immediate effect, Suppliers’ and Buyers’ Credit (trade credit) including the usance period of Letters of Credit opened for import of precious stones and semi-precious stones should not exceed 90 days from the date of shipment.

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