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of <h1>RBI Circular: Banks to Manage Export Receipts via Online Gateways, Repayments Capped at $500 Under FEMA 1999.</h1> The circular addresses the processing and settlement of export-related receipts through Online Payment Gateways (OPGSPs) under the Foreign Exchange Management Act (FEMA), 1999. It allows Authorised Dealer Category-I banks to facilitate repatriation of export remittances for transactions not exceeding USD 500, subject to due diligence and specific conditions. These include opening NOSTRO collection accounts for payments, ensuring funds are repatriated within seven days, and maintaining transaction transparency. OPGSPs must open liaison offices in India within three months if already operational, or before starting new arrangements. Banks must obtain permission from the Reserve Bank of India for such arrangements.
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