FEMA 1999 - Imports into India – Direct Receipt of Import Bills/Documents - Liberalisation

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....BAI - 400 001 February 6, 2004 RBI/2004/45 A.P.(DIR Series) Circular No.66 To All Authorised Dealers in Foreign Exchange Madam / Sirs, FEMA 1999 - Imports into India - Direct Receipt of Import Bills/Documents - Liberalisation Attention of Authorised Dealers is invited to paragraph A.12 of the Annexure to A.P.(DIR Series) Circular No. 106 dated June 19, 2003 permitting Autho....

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....ar have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Yours faithfully, Grace KoshieChief General Manager Encl: As above Annexure [A.P. (DIR Series Circular No.66 dated February 6, 2004] Original Revised Paragraph A-12 of A.P. (DIR Series) Circular No.106 dated June 19, 2003 -----------------------------------------....

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.... the value of import bill does not exceed USD 25,000 in respect of import of - i. books and magazines ii. life saving drugs/equipments by Hospitals, etc. and iii. imports by reputed research and other development institutions like Tata Institute of Fundamental Research, C-DOT, Indian Institute of Technology, Indian Institute of Science and Universities. e. Import bills received by all ....

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....------------------------------ Receipt of import Bills/Documents i. Import bills and documents should be received from the banker of the supplier by the banker of the importer in India. Authorised dealers should not, therefore, make remittances where import bills have been received directly by the importers from the overseas supplier, except in the following cases: a. Where the value of i....