The Reserve Bank has relaxed norms governing import of rough, cut and polished diamonds by doubling the credit time period to 180 days.
"...It has been decided, in consultation with the government, that the Clean Credit i.E. Credit given by a foreign supplier to its Indian customer/ buyer, without any letter of Credit (Suppliers’ Credit)/letter of Undertaking (Buyers’ Credit)/Fixed Deposits from any Indian financial institution for import of rough, cut and polished diamonds, may be permitted for a period not exceeding 180 days from the date of shipment," RBI said in a notification. Earlier, the time frame was of 90 days. The RBI said the revised directions will come into force with immediate effect.