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of <h1>RBI Increases Advance Remittance Limit for Importers to $200,000; Specific Waivers for Public Sector Companies Apply.</h1> The circular issued by the Reserve Bank of India addresses authorized dealers in foreign exchange regarding the liberalization of advance remittance for the import of goods. It increases the limit for advance remittance requiring a standby letter of credit or bank guarantee from USD 100,000 to USD 200,000, except for public sector companies or government departments, where specific waivers apply. Other instructions remain unchanged, including the option to waive the requirement for a standby letter of credit or bank guarantee for remittances up to USD 5,000,000, based on the importer's track record and credibility. The directions are issued under the Foreign Exchange Management Act, 1999.
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