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of <h1>Advance Remittance Limit for Import of Services Raised to $500K for Private Sector; Public Sector Excluded.</h1> The circular issued under the Foreign Exchange Management Act, 1999, addresses the advance remittance for the import of services. It informs Authorized Dealer Category-I banks that the limit for advance remittance without a bank guarantee has been increased from USD 100,000 to USD 500,000 for all admissible current account transactions. However, this increased limit does not apply to Public Sector Companies or Government Departments, which still require Ministry of Finance approval for amounts exceeding USD 100,000. All other conditions from the previous circular remain unchanged, and banks are instructed to inform their clients accordingly.
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