https://www.taxtmi.com/circulars?id=53690 The Circular consolidates FEMA and RBI directions governing imports, requiring AD Category I banks to ensure compliance with the Foreign Trade Policy, KYC/AML norms and documentary practice when permitting remittances. It prescribes advance remittance safeguards (bank guarantees/standby LCs or waivers for sectoral exceptions), time limits and tenor restrictions for import credits, tiered evidence of import requirements based on remittance value, and reporting, verification and preservation obligations for AD banks, with special rules for precious metals, diamonds, merchanting trade and online payment gateway transactions. en-us Wed, 01 Jul 2015 00:00:00 +0530 Fri, 26 Jul 2024 16:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=53690 The Circular consolidates FEMA and RBI directions governing imports, requiring AD Category I banks to ensure compliance with the Foreign Trade Policy, KYC/AML norms and documentary practice when permitting remittances. It prescribes advance remittance safeguards (bank guarantees/standby LCs or waivers for sectoral exceptions), time limits and tenor restrictions for import credits, tiered evidence of import requirements based on remittance value, and reporting, verification and preservation obligations for AD banks, with special rules for precious metals, diamonds, merchanting trade and online payment gateway transactions. Circulars FEMA Wed, 01 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/circulars?id=53690