https://www.taxtmi.com/circulars?id=52873 This Master Circular consolidates RBI directions under FEMA governing the Import of Goods and Services and details obligations of AD Category - I banks: ensure conformity with Foreign Trade Policy and KYC/AML norms, discontinue Form A 1, obtain and verify import licences and documentary evidence of import, and observe time limits for settlement. It prescribes conditions for advance remittances (including guarantees or standby LCs above specified thresholds), sectoral exceptions for rough diamonds, aircraft and BPO equipment, rules on interest for usance bills, replacement imports, third party payments, preservation and verification of import evidence, reporting via BEF/XBRL, and specific regimes for gold, precious metals, factoring and merchanting trade. en-us Tue, 01 Jul 2014 00:00:00 +0530 Tue, 23 Jun 2015 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=52873 This Master Circular consolidates RBI directions under FEMA governing the Import of Goods and Services and details obligations of AD Category - I banks: ensure conformity with Foreign Trade Policy and KYC/AML norms, discontinue Form A 1, obtain and verify import licences and documentary evidence of import, and observe time limits for settlement. It prescribes conditions for advance remittances (including guarantees or standby LCs above specified thresholds), sectoral exceptions for rough diamonds, aircraft and BPO equipment, rules on interest for usance bills, replacement imports, third party payments, preservation and verification of import evidence, reporting via BEF/XBRL, and specific regimes for gold, precious metals, factoring and merchanting trade. Circulars FEMA Tue, 01 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/circulars?id=52873