Import payment procedure: requirement of Form A-1 removed; authorised banks must verify transaction bonafides under FEMA. Dispenses with the requirement of submitting Form A-1 for import payments; AD Category I banks must obtain requisite importer details and satisfy themselves of the bonafides of transactions before effecting remittances. Directions issued under Section 10(4) and Section 11(1) of FEMA, 1999 and without prejudice to other legal permissions.
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Provisions expressly mentioned in the judgment/order text.
Import payment procedure: requirement of Form A-1 removed; authorised banks must verify transaction bonafides under FEMA.
Dispenses with the requirement of submitting Form A-1 for import payments; AD Category I banks must obtain requisite importer details and satisfy themselves of the bonafides of transactions before effecting remittances. Directions issued under Section 10(4) and Section 11(1) of FEMA, 1999 and without prejudice to other legal permissions.
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