Export of Goods and Services - Receipt of advance payment for export of goods Involving shipment (manufacture and ship) beyond one year .

Export of Goods and Services - Receipt of advance payment for export of goods Involving shipment (manufacture and ship) beyond one year . https://www.taxtmi.com/circulars?id=11497 Authorised Dealer Category I banks may accept advance payment for exports involving shipment beyond one year if they complete KYC and due diligence on the overseas buyer, ensure anti money laundering compliance, verify that advances are used solely for executing the export, receive progress payments directly per contract, route shipping documents through the same authorised dealer, apply an interest cap linked to LIBOR, limit refund instances, and obtain prior regulatory approval before making refunds or interest payments when shipment cannot be made. en-us Tue, 21 Feb 2012 00:00:00 +0530 Wed, 18 Feb 2026 17:34:00 +0530 TaxTMI RSS Generator Export of Goods and Services - Receipt of advance payment for export of goods Involving shipment (manufacture and ship) beyond one year . https://www.taxtmi.com/circulars?id=11497 Authorised Dealer Category I banks may accept advance payment for exports involving shipment beyond one year if they complete KYC and due diligence on the overseas buyer, ensure anti money laundering compliance, verify that advances are used solely for executing the export, receive progress payments directly per contract, route shipping documents through the same authorised dealer, apply an interest cap linked to LIBOR, limit refund instances, and obtain prior regulatory approval before making refunds or interest payments when shipment cannot be made. Circulars FEMA Tue, 21 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/circulars?id=11497