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of <h1>New Master Circular Outlines Import Guidelines Under FEMA 1999: Payment Limits, Bank Procedures, and Currency Conditions.</h1> The Master Circular on Import of Goods and Services consolidates existing guidelines for import transactions under the Foreign Exchange Management Act, 1999. It outlines procedures for authorized dealer banks, including the use of Form A-1 for payments exceeding USD 500, import licenses, and obligations of foreign exchange purchasers. The circular specifies time limits for import payments, guidelines for advance remittances, and conditions for importing foreign exchange and Indian currency. It also details operational guidelines for imports, such as handling import bills, evidence of import, and issuing bank guarantees. The circular is valid for one year and will be updated annually.
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