RBI EASES NORMS FOR ROUGH DIAMONDS IMPORTS

The Reserve Bank of India (RBI) eased the norms for import of rough diamonds from six mining companies, permitting authorised banks to allow advance remittance without limit, bank guarantee or standby letter of credit to diamond processing companies. The six companies include Rio Tinto, UK-based Diamond Trading Company Pvt. Ltd., Russia’s Alrosa and Gokharan, Endiama E P, Angola and BHP Billiton of Australia. However, this liberalization will not be applicable to a public sector company or department or to any undertaking of either the Central or State Governments.