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of <h1>Simplified Import Rules for Shipping Vessels Allow $50M Advance Payments Without Bank Guarantees</h1> A regulatory circular from the Reserve Bank of India relaxes import rules for shipping vessels. Authorized dealer banks can now permit importers to make advance remittances up to USD 50 million for vessel imports without requiring a bank guarantee or standby letter of credit. The directive aims to enhance business ease while maintaining sector-specific regulatory constraints, issued under the Foreign Exchange Management Act provisions.
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