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of <h1>Import payment and documentation requirements: Form A1, remittance limits, L/Cs, safeguards, evidence, and reporting obligations</h1> Authorised dealers must follow FEMA-related import payment procedures: payments > US$500 require Form A1, and imports must conform to EXIM Policy and KYC norms; letters of credit and remittances may be opened freely unless the item is on the negative list, in which case exchange-control marked licences and conditions must be obtained. Remittances against shipment must be settled within six months (capital goods three years), with deferred payments treated as ECBs; advance remittances are permitted subject to safeguards (standby L/C or international bank guarantee for amounts > US$100,000; import within prescribed period; repatriation if not imported). Evidence of import is mandatory for payments > US$25,000 (specified documents or CA/CEO certificate exceptions for certain entities), and authorised dealers must follow up defaults and submit half-yearly BEF reports to RBI. Interest, replacement import, import-bill receipt, merchanting trade and currency import rules are prescribed accordingly.
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