The Reserve Bank of India (Reserve Bank of India, RBI) has gone on to further liberalize the rules for the import of rough diamonds, completely removing restrictions on the number of diamond mines that can advance money for raw materials.
"In order to further liberalize the procedure and to facilitate the import of diamonds, it was decided that from now on, RBI will not name foreign mining companies, from which the importer can import rough diamonds to India," the bank's notice said.
According to the RBI, banks that are authorized dealers of the first level (Authorized Dealer-1, AD-1) for currency exchange transactions, will be guided by their commercial judgment in conducting transactions, such procedures as described in the RBI procedure "Know Your Customers" ( Know Your Customers), which involves the verification of identification data, must also be observed. In addition, the RBI made it clear that advance payments should be made strictly in accordance with the terms of the contract of sale and transferred directly to the account of the relevant company.