Foreign Exchange Management Act, 1999 - Import of Platinum / Palladium / Rhodium / Silver

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....) Circular No. 12 August 28, 2008 To, All Authorised Dealer Category - I banks Madam / Sir, Foreign Exchange Management Act, 1999 - Import of Platinum / Palladium / Rhodium / Silver Attention of Authorised Dealer Category - I (AD Category - I) banks is  invited to the provisions contained in A. P. (DIR Series) Circular No. 87 dated April 17, 2004 in terms of which AD Cate....

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....Your-Customer (KYC) norms and Anti-Money Laundering (AML) guidelines, issued by the Reserve Bank are adhered to while undertaking import of these metals. Further, any large or abnormal increase in the volume of business should be closely examined to ensure that the transactions are bonafide and are not intended for interest / currency arbitrage.  All other instructions relating to import of t....