Master Circular on Import of Goods and Services.

Import compliance: banks must secure prescribed documentary evidence and apply strict KYC and due diligence before permitting import payments.

Consolidated Reserve Bank instructions require AD Category I banks to ensure imports conform with the Foreign Trade Policy and FEMA, follow UCPDC and KYC/AML norms, obtain prescribed documentary evidence such as Exchange Control copies of Bills of Entry or auditor certificates for imports, and apply commercial judgment and due diligence when permitting advance remittances or special sectoral exceptions, with specified time limits, guarantee requirements, reporting obligations and document preservation duties.