Importers must repatriate advance payments if imports do not materialise; future advances require bank standby LC or guarantee. If an importer does not import within the contract or extended period, the importer must repatriate any advance payment; failure to repatriate or to have ... Summary
Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026
Importers must repatriate advance payments if imports do not materialise; future advances require bank standby LC or guarantee.
If an importer does not import within the contract or extended period, the importer must repatriate any advance payment; failure to repatriate or to have the IDPMS entry marked off requires that any future advance payments be secured by an unconditional, irrevocable standby Letter of Credit or a guarantee from an international bank of repute, or an Authorised Dealer guarantee issued against an international bank counter guarantee.
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