Import advance payment repatriation failures trigger bank-backed security requirements for future import advance payments by importers. Importers unable to complete imports within the contract period or any extended period must repatriate any advance payment made. Failure to repatriate ... Summary
Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026
Import advance payment repatriation failures trigger bank-backed security requirements for future import advance payments by importers.
Importers unable to complete imports within the contract period or any extended period must repatriate any advance payment made. Failure to repatriate within the applicable period allowed by the Authorised Dealer, or failure to mark off the relevant IDPMS entry, requires future import advance payments to be secured by an unconditional and irrevocable standby Letter of Credit, an international bank guarantee, or an Authorised Dealer guarantee backed by a counter-guarantee from an international bank of repute.
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