RBI/2008-09/149 A. P. (DIR Series) Circular No. 13 dated September 01, 2008
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 [erstwhile limit was USD 100,000], subject to the following conditions :
(i) The import would be subject to the prevailing Foreign Trade Policy (FTP).
(ii) The transactions are based on their commercial judgment and they are satisfied about the bonafides of the transactions.
(iii) The importer is a customer of AD Category – I bank and the customer's account is fully compliant with extant Know Your Client - KYC / AML guidelines issued by the Reserve Bank.
(iv) AD Category - I banks should do the due diligence exercise and should be fully satisfied about the financial standing / status and track record of the importer customer.
(v) It is customary in that trade to receive import documents directly from the overseas exporter.
(vi) In case the AD Category – I bank has suspicious about the genuineness of the transaction, it should be reported through the Suspicious Transaction Report (STR) to FIU_IND (Financial Intelligence Unit in India).
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