Advance remittance for aviation imports without bank guarantee permitted, subject to KYC, contractual payment terms and import compliance. Permits advance remittance for direct import of aircraft, helicopters and other aviation-related purchases by authorised scheduled airlines without a bank guarantee or standby letter of credit subject to a sector-specific limit; AD Category I banks must satisfy themselves of bonafides, carry out KYC and due diligence on importer and supplier, ensure payments conform to sale contracts and are paid directly to the manufacturer, adopt board-approved internal guidelines, secure prerequisite regulatory clearances, ensure import within prescribed periods with documentary proof, and repatriate advances if import does not occur.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Advance remittance for aviation imports without bank guarantee permitted, subject to KYC, contractual payment terms and import compliance.
Permits advance remittance for direct import of aircraft, helicopters and other aviation-related purchases by authorised scheduled airlines without a bank guarantee or standby letter of credit subject to a sector-specific limit; AD Category I banks must satisfy themselves of bonafides, carry out KYC and due diligence on importer and supplier, ensure payments conform to sale contracts and are paid directly to the manufacturer, adopt board-approved internal guidelines, secure prerequisite regulatory clearances, ensure import within prescribed periods with documentary proof, and repatriate advances if import does not occur.
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