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Direct receipt of import documents expanded, allowing bank remittances with KYC/AML compliance and due diligence safeguards. AD Category - I banks may make remittances when import bills/documents are received directly from overseas suppliers, subject to an increased transaction limit and safeguards: adherence to the Foreign Trade Policy; customer accounts compliant with KYC/AML guidelines; bank-conducted due diligence on importer financial standing and trade customarity; and Suspicious Transaction Report filing where doubts about genuineness arise. Existing instructions for status holder exporters and specified exemptions for non-status holder exporters continue. The directions are issued under foreign exchange law and do not affect other statutory permissions.
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Direct receipt of import documents expanded, allowing bank remittances with KYC/AML compliance and due diligence safeguards.
AD Category - I banks may make remittances when import bills/documents are received directly from overseas suppliers, subject to an increased transaction limit and safeguards: adherence to the Foreign Trade Policy; customer accounts compliant with KYC/AML guidelines; bank-conducted due diligence on importer financial standing and trade customarity; and Suspicious Transaction Report filing where doubts about genuineness arise. Existing instructions for status holder exporters and specified exemptions for non-status holder exporters continue. The directions are issued under foreign exchange law and do not affect other statutory permissions.
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