Advance Remittance for Import of aircrafts /helicopters /other aviation related purchases

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....sed Dealer Category - I (AD Category - I) banks is invited to A. P. (DIR Series) Circular No.15 dated September 17, 2003 in terms of which AD Category - I banks have been permitted to make advance remittance up to USD 1,000,000 (USD one million) or its equivalent, without bank guarantee or an unconditional, irrevocable standby Letter of Credit, for import of goods into India, subject to specified ....

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....nsactions based on their commercial judgment and after being satisfied about the bonafide of the transactions. KYC and due diligence exercise should be done by the AD Category - I banks for the Indian importer entity and the overseas manufacturer company as well. b) Advance payments should be made strictly as per the terms of the sale contract and are made directly to the account of the manufact....

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....ayments, the date of last remittance made in terms of the contract will be reckoned for the purpose of submission of documentary evidence of import. f) Prior to making the remittance, the AD Category - I bank may ensure that the requisite approval of the Ministry of Civil Aviation / DGCA / other agencies in terms of the extant Foreign Trade Policy has been obtained by the company for import. g)....