RBI increases remittance

The Reserve Bank of India (RBI) is encouraging small diamond traders of India and has increased the remittance limit on rough diamond imports from $100,000 to $300,000. Banks in effect can allow remittance for imports up to $300,000 supported by the valid import bills and documents from the overseas supplier. It is made mandatory by RBI for the importer to submit documentary evidence at the time of remittance.

The Gem & Jewellery Export Promotion Council (GJEPC) had requested the RBI to relax the limit for rough imports by non-status holders, especially in case of the value exceeding $100,000, to take into effect the high transaction costs for the small traders.