Import of goods and services: RBI rules set documentation, advance remittance safeguards, sectoral exceptions and reporting duties for banks. This Master Circular consolidates RBI directions for AD Category I banks governing import payments under FEMA, prescribing AD banks' duties to ensure conformity with Foreign Trade Policy and KYC norms, conditions for advance remittances and deferred credits, documentation requirements (Exchange Control copy of Bill of Entry or specified certificates) for remittances exceeding USD 100,000, sectoral exceptions (rough diamonds, aircraft, BPO equipment), record preservation and verification, follow up and reporting obligations (BEF and Annex statements), and special rules for precious metals, merchanting trade, guarantees and import factoring.