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Processing and settlement of import and export related payments facilitated by Online Payment Gateway Service Providers

FEMA - 16 - Dated:- 24-9-2015 - RBI/2015-16/185 A.P. (DIR Series) Circular No.16 September 24, 2015 To All Category - I Authorised Dealer Banks Madam / Sir, Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the A. P. (DIR Series) Circular No.109 dated June 11, 2013 read with A.P. (DIR Series) Circular No.17 dated November 16, 2010 in terms of which AD Category-I banks have been permitted to offer the facility to repatriate export related remittances by entering into s .....

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h 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) carry out the due diligence of the OPGSP; (ii) maintain separate Export and Import Collection accounts in India for each OPGSP; (iii) satisfy themselves as to the bonafides of the transactions and ensure that the related purpose codes reported to the Reserve Bank are appropriate; (iv) submit all the releva .....

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y Act, 2000 and all other relevant laws / regulations in force; (ii) put in place a mechanism for resolution of disputes and redressal of complaints; (iii) create a Reserve Fund appropriate to its return and refund policy and (iv) onboard sellers, Indian as well as foreign, following appropriate due diligence procedure. Resolution of all payment related complaints in India shall remain the responsibility of the OPGSP concerned. 2.3 Domestic entities functioning as intermediaries for electronic p .....

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n 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 transaction in R-Return under the foreign currency payment head. (iv) The permitted credits in the OPGSP .....

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he current account of the OPGSP; and d. bank charges 4. Export transactions As already notified vide our A. P. (DIR Series) Circular No.109 dated June 11, 2013 and A.P. (DIR Series) Circular No.17 dated November 16, 2010referred to earlier: (i) the facility shall only be available for export of goods and services (as permitted in the prevalent Foreign Trade Policy) of value not exceeding USD 10,000 (US Dollar ten thousand) per transaction. (ii) AD Category-I banks providing such facilities shall .....

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