https://www.taxtmi.com/circulars?id=11710 Master Circular directs AD Category I banks to ensure imports comply with Foreign Trade Policy and FEMA, apply KYC/AML, obtain and preserve requisite import documentation (including Exchange Control copies of Bills of Entry), and to follow prescribed time limits and reporting obligations. It prescribes conditions for advance remittances and when guarantees or standby LCs are required, sets sectoral relaxations and documentation substitutes for certain importers, and requires follow up, verification, acknowledgement and retention of import evidence along with specified half yearly and monthly reporting duties. en-us Mon, 02 Jul 2012 00:00:00 +0530 Tue, 03 Jul 2012 15:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=11710 Master Circular directs AD Category I banks to ensure imports comply with Foreign Trade Policy and FEMA, apply KYC/AML, obtain and preserve requisite import documentation (including Exchange Control copies of Bills of Entry), and to follow prescribed time limits and reporting obligations. It prescribes conditions for advance remittances and when guarantees or standby LCs are required, sets sectoral relaxations and documentation substitutes for certain importers, and requires follow up, verification, acknowledgement and retention of import evidence along with specified half yearly and monthly reporting duties. Circulars FEMA Mon, 02 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/circulars?id=11710