Export of Goods and Services - Receipt of advance payment for export of goods Involving shipment (manufacture and ship) beyond one year .

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....g shipment (manufacture and ship) beyond one year Attention of Authorised Dealer Category - I (AD Category I) banks is invited to the sub-regulation (2) of Regulation 16 of the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000, notified vide Notification No.FEMA.23/RB-2000, dated 3rd May 2000, as amended from time to time, in terms of which prior approval of the Reserve....

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....red; iii. the AD Category-I bank should ensure that export advance received by the exporter should be utilized to execute export and not for any other purpose i.e., the transaction is a bona-fide transaction; iv. progress payment, if any, should be received directly from the overseas buyer strictly in terms of the contract; v. the rate of interest, if any, payable on the advance payment sha....