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of <h1>RBI Allows Advance Remittance for Imports: Up to $100K Without Guarantee, Up to $1M with Track Record Waiver.</h1> The Reserve Bank of India has issued a circular to authorized dealers in foreign exchange, allowing advance remittance for imports into India. Dealers can remit up to USD 100,000 without a bank guarantee. For amounts exceeding USD 100,000, an unconditional, irrevocable standby Letter of Credit or a guarantee from a reputable international bank is required. However, for remittances up to USD 1,000,000, if the importer has a satisfactory track record, the bank guarantee may be waived. Public Sector Companies and government departments are exempt from the bank guarantee requirement for amounts over USD 100,000. Other existing conditions remain unchanged.
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