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of <h1>New Procedure for Reporting Import Remittances Over USD 25,000 Without Documentary Evidence Under FEMA Guidelines</h1> The procedure for submitting a statement of remittances for imports where documentary evidence has not been provided by importers, despite reminders. It requires authorized dealers to report transactions exceeding USD 25,000 to the Reserve Bank of India. The statement is divided into two parts: Part I lists importers who have not submitted evidence, while Part II records subsequent receipts of documentation. Additionally, it includes guidelines for short-term foreign currency loans for imports, detailing loan terms, conditions, and compliance requirements. The document emphasizes adherence to the Foreign Exchange Management Act (FEMA) and other regulatory approvals.
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