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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....Category - I Authorised Dealer Banks Madam / Sir, Export of Goods and Services - Receipt of advance payment for export of goods Involving 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, ....

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....    the KYC and due diligence exercise has been done by the AD Category -I bank for the overseas buyer.   ii.     compliance with the Anti Money Laundering standards has been ensured;  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 ....

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....s refund of unutilized portion of advance payment or towards payment of interest should be made without the prior approval of the Reserve Bank. 3. Necessary amendments to the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000, wherever necessary, are being issued separately. 4. AD Category - I banks may bring the contents of this circular to the notice of their cons....