Advance remittance limit for import of services increased; public sector and government bodies need finance ministry approval for excess. Increase in permissible advance remittance for import of services to USD 500,000 or its equivalent without bank guarantee applies to admissible current account transactions and is to be implemented by Authorised Dealer Category I banks, while all other terms of the earlier circular remain unchanged; Public Sector Companies and Government Departments/Undertakings remain subject to prior Ministry of Finance approval for amounts exceeding USD 100,000 or its equivalent.
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Provisions expressly mentioned in the judgment/order text.
Advance remittance limit for import of services increased; public sector and government bodies need finance ministry approval for excess.
Increase in permissible advance remittance for import of services to USD 500,000 or its equivalent without bank guarantee applies to admissible current account transactions and is to be implemented by Authorised Dealer Category I banks, while all other terms of the earlier circular remain unchanged; Public Sector Companies and Government Departments/Undertakings remain subject to prior Ministry of Finance approval for amounts exceeding USD 100,000 or its equivalent.
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