Third party payments allowed with documentary evidence; banks must verify bona fides and follow FATF guidance. The tripartite agreement requirement for third party payments need not be insisted upon if documentary evidence explaining the circumstances or naming the third party in the irrevocable order/invoice is produced. AD banks must be satisfied as to the bona fides of the transaction and export documents (invoice/FIRC) and consider FATF statements when processing such transactions; the prior monetary limit on third party payments for imports is withdrawn and other existing conditions continue to apply.
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 allowed with documentary evidence; banks must verify bona fides and follow FATF guidance.
The tripartite agreement requirement for third party payments need not be insisted upon if documentary evidence explaining the circumstances or naming the third party in the irrevocable order/invoice is produced. AD banks must be satisfied as to the bona fides of the transaction and export documents (invoice/FIRC) and consider FATF statements when processing such transactions; the prior monetary limit on third party payments for imports is withdrawn and other existing conditions continue to apply.
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