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of <h1>Import foreign-exchange remittances up to USD 100,000: banks may treat documentary follow-up as discretionary if genuine</h1> Clarifies that where foreign exchange remittance for import is USD 100,000 or less, authorised dealer banks need not initiate follow-up for submission of evidence of import provided the AD is satisfied as to the genuineness of the transaction and the bonafides of the remitter; banks' boards may adopt an internal policy and ADs may set internal guidelines to administer such cases, with the operative effect that routine documentary follow-up is discretionary rather than mandatory for transactions at or below USD 100,000, subject to any other statutory permissions or approvals.
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