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of <h1>RBI Circular Empowers Banks: No Limit on Shipping Document Dispatch, Eases Export-Import Regulations for Better Trade Efficiency.</h1> The circular issued on December 4, 2020, by the Reserve Bank of India (RBI) aims to enhance the ease of doing business in external trade by delegating more powers to Category-I Authorised Dealer Banks (AD banks). The circular removes the USD 1 million limit on direct dispatch of shipping documents, allowing AD banks to regularize such dispatches irrespective of value, subject to specific conditions. It revises procedures for the 'write-off' of unrealized export bills, permitting greater flexibility and quicker approvals. The circular also allows AD banks to set-off export receivables against import payables under certain conditions and outlines guidelines for refunding export proceeds. These updates are intended to streamline processes and improve regulatory efficiency.
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