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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Advance remittances for aircraft/helicopter purchases raised to USD 50 million per import for authorized airlines, subject to KYC and documentation</h1> Permits AD Category-I banks to accept advance remittances, without bank guarantee or unconditional irrevocable standby LC, up to USD 50 million for direct import of each aircraft/helicopter or other aviation-related purchases by airline companies authorized by DGCA to operate scheduled air services; this increases the prior USD 1,000,000 ceiling and thus enables larger upfront payments. Such remittances must be undertaken on commercial judgment with KYC and due diligence on importer and foreign supplier, paid per contract directly to supplier, subject to board-approved internal guidelines, waiver of guarantee for public sector imports where Ministry of Finance has waived it, import evidenced within six months (three years for capital goods) or repatriation if not imported, and prior regulatory approvals where applicable.
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