RBI/2011-12/221
A.P. (DIR Series) Circular No.35
October 14, 2011
To,
All Category - I Authorised Dealer Banks
Madam / Sir,
Processing and Settlement of Export related receipts facilitated by Online
Payment Gateways -
Enhancement of the value of transaction
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited
to the
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 of
repatriation of export related remittances by entering into standing
arrangements with Online Payment Gateway Service Providers (OPGSPs), subject to
the conditions stipulated therein.
- The present instructions have been reviewed in the context of requests
received from exporters for suitable enhancement of the value of the transaction
from USD 500. Accordingly, it has now been decided to increase the value per
transaction from USD 500 to USD 3000 for export related remittances received
through OPGSPS. The revised directions will come into force with immediate
effect.
- All other terms and conditions issued vide A.P. (DIR Series) Circular No.17
dated November 16, 2010 shall remain unchanged.
- 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,
(Rashmi Fauzdar)
Chief General Manager