| Date: |
12-02-2015
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| Notification No: |
RBI/2014-15/467 A. P. (DIR Series) Circular No.76
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
RBI/2014-15/467 |
| Subject: |
Foreign Exchange Management Act, 1999 – Import of Goods into India
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|
RBI/2014-15/467
A. P. (DIR Series) Circular No. 76
February 12, 2015
To
All Category-I Authorised Dealer Banks
Madam / Sir,
Foreign Exchange Management Act, 1999 – Import of Goods into India
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited
to the
A.P.(DIR Series) Circular No. 82 dated February 21, 2012 in terms of
which applications by persons, firms and companies for making payments,
exceeding USD 5,000 or its equivalent towards imports into India must be made in
Form A-1.
- To further liberalise and simplify the procedure, it has been decided to
dispense with the requirement of submitting request in Form A-1 to the AD
Category –I Banks for making payments towards imports into India. AD Category –I
may however, need to obtain all the requisite details from the importers and
satisfy itself about the bonafides of the transactions before effecting the
remittance.
- AD Category – I banks may bring the contents of this circular to the notice
of their constituents and customers concerned.
- The directions contained in this circular have been issued under Section 10
(4) and Section 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,
(C. D. Srinivasan)
Chief General Manager
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