Foreign Exchange Management Act - 1999 Import of Goods into India

Import compliance: authorised dealers must secure documentary evidence, follow FEMA and EXIM policy, maintain KYC and report defaults.

Authorised dealers must ensure import transactions comply with EXIM Policy, FEMA rules and RBI directions, follow KYC and banking practices, obtain prescribed forms and licences where applicable, and secure and verify evidence of import (Exchange Control copy of Bill of Entry or acceptable certificates) for remittances above specified thresholds; they must apply conditions for advance remittances and deferred payments, permit replacement imports and guarantees under stated conditions, and submit half yearly BEF statements to RBI for cases where documentary evidence is not received.