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of <h1>Banks Can Approve Export Advance Payments Beyond One Year Under New Rules; Must Follow KYC and AML Measures.</h1> Attention is drawn to Authorised Dealer Category-I banks regarding the receipt of advance payments for exports involving shipments beyond one year. Previously requiring Reserve Bank approval, the procedure is now liberalized, allowing banks to permit such transactions under specific conditions. These include conducting KYC and due diligence, ensuring Anti Money Laundering compliance, utilizing the advance solely for exports, and adhering to contract terms for progress payments. Interest rates must not exceed LIBOR + 100 basis points, and refunds should not surpass 10% of the advance in three years. Shipment documents must be routed through the same bank, and any refund requires Reserve Bank approval. Amendments to relevant regulations are forthcoming.
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