Direct Receipt of Import Bills / Documents - Liberalisation

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..... 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 t .....

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..... hould 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 suspicions about the genuineness of the transaction, it should be reported through the Suspicious Transaction .....

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..... ontained 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) Chief General Manager-in-Charge - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Mana .....

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