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Direct Receipt of Import Bills / Documents - Liberalisation
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.... Sir, Direct Receipt of Import Bills / Documents - Liberalisation Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to A. P. (DIR Series) Circular No.66 dated February 6, 2004, in terms of which AD Category - I banks are permitted to make remittances for imports, where the import bills / documents have been received directly by the importer from the overseas supp....
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....with extant KYC / AML guidelines issued by the Reserve Bank. (iv) AD Category - I banks should do the due diligence exercise and should be fully satisfied about the financial standing / status and track record of the importer customer. (v) It is customary in that trade to receive import documents directly from the overseas exporter. (vi) In case the AD Category - I bank has suspicions abo....