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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Advance remittance for imports: security required over USD100,000; ADs can waive up to USD1,000,000 for trusted importers; govt exempt</h1> Authorised Dealers may permit advance remittance for imports beyond the prior USD100,000 threshold subject to specified security: where remittance exceeds USD100,000 an unconditional, irrevocable standby letter of credit or a guarantee from a reputable overseas bank, or an AD guarantee backed by an overseas bank counter-guarantee, must be obtained; this imposes a security requirement for larger advance payments. For non-government importers unable to obtain overseas guarantees, ADs may waive the guarantee/standby LC up to USD1,000,000 if satisfied with the importer's track record and bonafides, and may adopt internal policies accordingly; this allows higher unsecured advances under bank discretion. The guarantee requirement is waived for Public Sector Companies and Central/State government departments, permitting unsecured advances for them. The instructions are issued by RBI.
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