Advance remittance liberalisation: banks may remit import advances subject to KYC, due diligence and documentary import evidence. Authorised Dealer Category I banks may make advance remittances for import of goods subject to conditions: the importer must be a bank customer; full compliance with KYC/AML for importer and overseas supplier; bank commercial judgment and satisfaction of bonafides; payments made directly to supplier per sale contract; import within six months (three years for capital goods) with undertaking to produce documentary evidence; banks to follow up evidence and ensure repatriation or permissible utilisation if imports do 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 liberalisation: banks may remit import advances subject to KYC, due diligence and documentary import evidence.
Authorised Dealer Category I banks may make advance remittances for import of goods subject to conditions: the importer must be a bank customer; full compliance with KYC/AML for importer and overseas supplier; bank commercial judgment and satisfaction of bonafides; payments made directly to supplier per sale contract; import within six months (three years for capital goods) with undertaking to produce documentary evidence; banks to follow up evidence and ensure repatriation or permissible utilisation if imports do not occur.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
