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

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....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 Category - I banks have been permitted to ap....

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.... 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 these metals shall continue. 4. The in....