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Advance payment against exports

Regulation 15 - FEMA - Regulation 15 - 15. :- (1) Where an exporter receives advance payment (with or without interest), from a buyer / third party named in the export declaration made by the exporter, outside India, the exporter shall be under an obligation to ensure that - i) the shipment of goods is made within one year from the date of receipt of advance payment; ii) the rate of interest, if any, payable on the advance payment does not exceed the rate of interest London Inter-Bank Offered Ra .....

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