Evidence of import follow up: banks need not pursue proof for remittances at or below the prescribed threshold when satisfied of genuineness. AD banks must follow up with importers for submission of evidence of import where remittances exceed the prescribed threshold. For remittances at or below the prescribed threshold, ADs need not pursue evidence provided they are satisfied about the genuineness of the transaction and the bonafides of the remitter; banks should frame Board approved internal policies and guidelines to govern such cases.
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Provisions expressly mentioned in the judgment/order text.
Evidence of import follow up: banks need not pursue proof for remittances at or below the prescribed threshold when satisfied of genuineness.
AD banks must follow up with importers for submission of evidence of import where remittances exceed the prescribed threshold. For remittances at or below the prescribed threshold, ADs need not pursue evidence provided they are satisfied about the genuineness of the transaction and the bonafides of the remitter; banks should frame Board approved internal policies and guidelines to govern such cases.
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