RBI Eases Import Rules for Shipping Vessels, Allows Up to $50 Million Advance Remittance Without Additional Guarantees

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....RBI circular relaxes import regulations for shipping vessels, permitting advance remittance up to USD 50 million without bank guarantee or standby Letter of Credit. The directive, issued under FEMA Sections 10(4) and 11(1), aims to enhance business facilitation by addressing sector-specific constraints. Authorized Dealer Category-I banks are instructed to implement the new guidelines, which modify existing import protocols for shipping vessel transactions while maintaining regulatory oversight and compliance with prevailing financial regulations.....