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of <h1>Master direction updates import payments rules: banks to process imports under foreign exchange, trade policy, KYC/AML, settlement timelines and exceptions</h1> Master direction updates the regulatory framework governing import of goods and services, authorising regulated banks to process import payments subject to foreign exchange and trade policy rules, KYC/AML checks, and specified time limits for settlement, extensions and write-offs. It prescribes conditions for advance remittances, third-party payments, guarantees, evidence of import (including electronic IDPMS procedures), sectoral exceptions (gold, diamonds, aviation, shipping, merchanting trade), reporting obligations and archival/verification duties for banks, and requires prior approvals for deviations and adherence to investigatory and external-approval constraints.
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