Third-party payments for trade permitted under conditions; banks must ensure FATF compliance and documentary safeguards. AD banks may permit third-party payments for exports if supported by a firm irrevocable order/tripartite agreement, remitted via banking channels from FATF-compliant countries, declared in the EDF, with the exporter responsible for realization and XOS reporting naming the declared third party. For imports, third-party payments are allowed where a firm irrevocable purchase order/tripartite agreement exists, payment is from FATF-compliant countries through banks, invoice and Bill of Entry narrate payment to the named third party, importer complies with import rules, and eligible transactions do not exceed USD 100,000.
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.
Third-party payments for trade permitted under conditions; banks must ensure FATF compliance and documentary safeguards.
AD banks may permit third-party payments for exports if supported by a firm irrevocable order/tripartite agreement, remitted via banking channels from FATF-compliant countries, declared in the EDF, with the exporter responsible for realization and XOS reporting naming the declared third party. For imports, third-party payments are allowed where a firm irrevocable purchase order/tripartite agreement exists, payment is from FATF-compliant countries through banks, invoice and Bill of Entry narrate payment to the named third party, importer complies with import rules, and eligible transactions do not exceed USD 100,000.
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