Direct Receipt of Import Bills / Documents - Liberalisation - ఆర్బిఐ - Reserve Bank of India
Direct Receipt of Import Bills / Documents - Liberalisation
RBI/2008-09/149 September 01, 2008 To, All Authorised Dealer Category - I banks Madam / Sir, Direct Receipt of Import Bills / Documents - Liberalisation Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to A. P. (DIR Series) Circular No.66 dated February 6, 2004, in terms of which AD Category - I banks are permitted to make remittances for imports, where the import bills / documents have been received directly by the importer from the overseas supplier and the value of import bill does not exceed USD 100,000. 2. With a view to liberalizing the procedure, it has been decided to enhance the limit for direct receipt of import bills / documents to USD 300,000. Accordingly, AD Category – I banks may make remittances for imports, where the import bills / documents have been received directly by the importer from the overseas supplier and the value of import bill does not exceed USD 300,000, subject to the following conditions : (i) The import would be subject to the prevailing Foreign Trade Policy. 3. The instructions for direct receipt of import bills / documents by status holder exporters, as defined under the Foreign Trade Policy, issued in terms of item i.c. of the Annex to A. P. (DIR Series) Circular No.66 dated February 6, 2004 shall remain unchanged. Further, instructions issued vide A. P. (DIR Series) Circular No. 18 dated November 07, 2007 and A. P. (DIR Series) Circular No. 37 dated April 16, 2008 for direct receipt of import bills / documents by non-status holder exporters for import of rough diamonds and rough precious and semi-precious stones shall continue. 4. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 5. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, (Salim Gangadharan) |