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of <h1>Third-party payment rules relaxed for export/import transactions; USD 100,000 limit removed. Banks to ensure transaction authenticity.</h1> Authorized Dealer Category - I banks are informed that the requirement for a firm irrevocable order backed by a tripartite agreement for third party payments in export/import transactions is relaxed. Documentary evidence showing the circumstances for third party payments or the third party's name in the order/invoice is now sufficient. Banks must verify the transaction's authenticity and consider FATF statements. The USD 100,000 limit for third party payments on imports is removed. All other conditions from the previous circular remain unchanged. These directions are issued under the Foreign Exchange Management Act, 1999.
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