Imports into India - Direct Receipt of Import Bills/Documents - Liberalisation A.P.(DIR Series) Circular No.66 - ଆରବିଆଇ - Reserve Bank of India
Imports into India - Direct Receipt of Import Bills/Documents - Liberalisation A.P.(DIR Series) Circular No.66
RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
MUMBAI - 400 001
February 6, 2004
RBI/2004/45
A.P.(DIR Series) Circular No.66
To
All Authorised Dealers in Foreign Exchange
Madam / Sirs,
Attention of Authorised Dealers is invited to paragraph A.12 of the Annexure to A.P.(DIR Series) Circular No. 106 dated June 19, 2003 permitting Authorised Dealers to make remittances in respect of certain import bills/documents which have been directly received by the importers from the overseas suppliers.
2. With a view to simplifying and liberalising the procedure for imports, it has been decided to raise the prescribed limits of USD 10,000/- and USD 25,000/- for such direct receipt of import bills/documents under the facility, mentioned at paragraph A.12 of the said circular, uniformly to USD 100,000/- or its equivalent. A table containing the eligible import bills/documents covered by this circular indicating the original and revised position is annexed for ready reference.
3. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned.
4. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).
Grace Koshie
Chief General Manager
Encl: As above
Annexure
[A.P. (DIR Series Circular No.66 dated February 6, 2004]
Original |
Revised |
Paragraph A-12 of A.P. (DIR Series) Circular No.106 dated June 19, 2003 --------------------------------------------------------------------------------------------------- Receipt of import Bills/Documents
dealers may receive bills direct from the overseas supplier up to USD 25,000 (U.S. Dollars Twenty five thousand only), provided the authorised dealer is fully satisfied about the financial standing/status and track record of the importer customer. Before extending the facility, authorised dealer should obtain report on each individual overseas supplier from the overseas banker or reputed credit agency. |
Paragraph A-12 of A.P. (DIR Series) Circular No. 106 dated June 19, 2003 revised vide A.P. (DIR Series) Circular No. 66 dated February 6, 2004 -------------------------------------------------------------------------------------------------------------- Receipt of import Bills/Documents
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