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of <h1>RBI's Master Circular on Import: Guidelines for Banks on Remittances, Licenses, and Foreign Exchange Obligations under FEMA.</h1> The Master Circular on the Import of Goods and Services, issued by the Reserve Bank of India, consolidates guidelines for import transactions under the Foreign Exchange Management Act, 1999. It covers general and operational guidelines for authorized dealer banks, including remittance procedures, import licenses, foreign exchange obligations, and time limits for settling import payments. The circular also addresses specific import scenarios such as advance remittances, import of precious metals, merchanting trade, and online payment gateway services. It mandates compliance with the Foreign Trade Policy and emphasizes due diligence, Know Your Customer norms, and proper documentation for import evidence.
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