TMI BlogProcessing and settlement of import and export related payments facilitated by Online Payment Gateway Service ProvidersX X X X Extracts X X X X X X X X Extracts X X X X ..... export related remittances by entering into standing arrangements with Online Payment Gateway Service Providers (OPGSPs) in respect of export of goods and services. 2. To facilitate e-commerce, it has been decided to permit AD Category-l banks to offer similar facility of payment for imports by entering into standing arrangements with the OPGSPs. The revised consolidated guidelines on such imports and exports are as under: General: 2.1 AD Category-I banks desirous of entering into such an arrangement/s should report the details of each such arrangement as and when entered into to the Foreign Exchange Department, Central Office, Reserve Bank of India, Mumbai. For operationalising such arrangements, AD Category-I banks shall: (i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions shall maintain separate accounts for domestic and cross border transactions. 3. Import transactions (i) The facility shall only be available for import of goods and software (as permitted in the prevalent Foreign Trade Policy) of value not exceeding USD 2,000 (US Dollar Two Thousand) only. (ii) The balances held in the Import Collection account shall be remitted to the respective overseas exporter's account immediately on receipt of funds from the importer and, in no case, later than two days from the date of credit to the collection account. (iii) The AD Category I bank will obtain a copy of invoice and airway bill from the OPGSP containing the name and address of the beneficiary as evidence of import and report the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... into the NOSTRO collection account opened by the AD Category-I bank. (iii) The balances held in the NOSTRO collection account shall be repatriated to the Export Collection account in India and then credited to the respective exporter's account with a bank in India immediately on receipt of the confirmation from the importer and, in no case, later than seven days from the date of credit to the NOSTRO collection account. (iv) The permitted debits to the OPGSP Export Collection account maintained in India will be: a. payment to the respective Indian exporters accounts; b. payment of commission at rates/frequencies as defined under the contract to the current account of the OPGSP; and c. charge back to the overseas importer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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