https://www.taxtmi.com/circulars?id=52284 AD Category I banks must ensure imports comply with the Foreign Trade Policy and FEMA rules, apply standard documentary credit practices, perform KYC/AML due diligence, and obtain prescribed import evidence. Advance remittances for goods and services are permitted without an absolute ceiling but require bank guarantees or standby letters of credit for higher exposures, with sectoral relaxations and reporting obligations. Imports of precious metals and stones carry specific cash margin, usance and documentation controls, and banks must follow up and report defaults in submission of import evidence to the Reserve Bank. en-us Mon, 01 Jul 2013 00:00:00 +0530 Thu, 11 Jul 2013 16:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=52284 AD Category I banks must ensure imports comply with the Foreign Trade Policy and FEMA rules, apply standard documentary credit practices, perform KYC/AML due diligence, and obtain prescribed import evidence. Advance remittances for goods and services are permitted without an absolute ceiling but require bank guarantees or standby letters of credit for higher exposures, with sectoral relaxations and reporting obligations. Imports of precious metals and stones carry specific cash margin, usance and documentation controls, and banks must follow up and report defaults in submission of import evidence to the Reserve Bank. Circulars FEMA Mon, 01 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/circulars?id=52284