Advance payment for exports and imports must route through the same authorised dealer and respect trade credit interest caps. Exporters and importers must route advances and subsequent receipts/payments through the same Authorised Dealer unless both dealers are notified of a change. An Authorised Dealer may allow import advance remittances after verifying genuineness and may set thresholds requiring a standby Letter of Credit or guarantee. Interest on advance receipts for exports and on delayed import payments must not exceed the all in cost ceiling of trade credit under the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018.
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Provisions expressly mentioned in the judgment/order text.
Advance payment for exports and imports must route through the same authorised dealer and respect trade credit interest caps.
Exporters and importers must route advances and subsequent receipts/payments through the same Authorised Dealer unless both dealers are notified of a change. An Authorised Dealer may allow import advance remittances after verifying genuineness and may set thresholds requiring a standby Letter of Credit or guarantee. Interest on advance receipts for exports and on delayed import payments must not exceed the all in cost ceiling of trade credit under the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018.
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