“Set-off” of export receivables against import payables - Liberalization of Procedure - ఆర్బిఐ - Reserve Bank of India
“Set-off” of export receivables against import payables - Liberalization of Procedure
RBI/2011-12/264 November 17, 2011 To All Category – I Authorized Dealer Banks Madam/Sir, “Set-off” of export receivables against import payables- Attention of Authorized Dealer Category – I (AD Category – I) banks is invited to the fact that the requests received from the exporters through their AD branches for set-off of export receivables against import payables are considered by the Reserve Bank of India. As a measure of further liberalization, it has been decided to delegate power to AD Category – I banks to deal with the cases of “set-off” of export receivables against import payables, subject to following terms and conditions:
2. AD Category – I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 3. 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) and are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, (Dr. Sujatha Elizabeth Prasad)
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