Improved bounds on heavy quark electric dipole moments

New bounds on the electric dipole moment (EDM) of charm and bottom quarks are derived using the stringent limits on their chromo-EDMs. The new limits, $\mathrm{\mid }{d}_c\mathrm{\mid }<1.5\times {10}^{-21}e\text{cm}$ and $|d_b|< 1.2\times 10^{-20}:e,$\text{cm}$$, improve the previous ones by about three orders of magnitude. These indirect bounds have implications for different models of new physics, including two-Higgs-doublet, leptoquarks, and supersymmetry models.