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of <h1>Import remittances and advance payment security rules under FEMA requiring banks to vet KYC/AML, preserve documents; non-compliance risks regulatory action</h1> Master Direction prescribes regulatory modalities for import of goods and services under FEMA, requiring AD Category-I banks to ensure bona fide transactions, KYC/AML compliance and adherence to Foreign Trade Policy as implemented by RBI; this mandates banks to vet remittances and preserve documentary evidence, with non-compliance exposing banks/importers to regulatory action. It clarifies advance remittance limits and security requirements (e.g., guarantees/standby LCs above specified USD thresholds and sectoral relaxations for aircraft, vessels, rough diamonds and IIBX gold imports), thereby regulating when bank guarantees are required and enabling specified advance payments. It establishes IDPMS operational rules for ORM/BoE creation, settlement, extensions and write-offs, thereby mandating electronic reporting, reconciliation and conditions for closure of outstanding import entries.
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