Direct Receipt of Import Bills / Documents - Liberalisation

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed Dealer Category - I banks Madam / 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....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tomer's account is fully compliant 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 ....