Reserve bank of India
A.P. (DIR Series) Circular No. 109
June 11, 2013
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 1 (AD Category – 1) banks is invited
to the A.P. (DIR Series) Circular No.35 dated October 14, 2011 in terms of which
AD Category I banks have been permitted to offer the facility to repatriate
export related remittances by entering into standing arrangements with Online
Payment Gateway Service Providers (OPGSPs) for export of goods and services for
value not exceeding USD 3000 per transaction, subject to the conditions
stipulated therein.
- The present instructions have been reviewed in the context of requests
received for suitable enhancement of the value of the transaction from USD 3000.
Accordingly, it has now been decided to increase the value per transaction from
USD 3000 to USD 10,000 for export related remittances received through OPGSPS.
The revised limit 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.
- Reserve Bank has since amended the Regulations vide Notification
No. FEMA.274/2013-RB dated April 26, 2013 and notified vide G.S.R.No.343(E) dated
May 29, 2013.
- 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
RBI/2012-13/528