CHEMEXCIL
Basic Chemicals, Pharmaceuticals & Cosmetics Export Promotion Council
(Set-up by Ministry of Commerce and Industry, Govt of India) |
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Ref: EPC/LIC/RBI |
24.02.2015 |
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Release of Foreign Exchange for Imports – Further Liberalisation
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TO ALL MEMBERS OF THE COUNCIL
Dear Sir/ Madam,
We would like to inform you that RBI has issued A. P. (DIR Series) Circular No.76 dated February 12, 2015 regarding payments exceeding USD 5,000 or its equivalent towards imports into India.
To further liberalise and simplify the procedure, it has been decided to dispense with the requirement of submitting request in Form A-1 to the AD Category –I Banks for making payments towards imports into India.
AD Category –I may however, need to obtain all the requisite details from the importers and satisfy itself about the bonafides of the transactions before effecting the remittance.
Members are requested to kindly take note of the same and for further details may refer to the attached circular.
Thanking You,
Yours faithfully,
(S.G.BHARADI )
ACTG. EXECUTIVE DIRECTOR
Encl. : http://chemexcil.in/uploads/files/RBI_circular_of_payments_exceeding_USD_5000.pdf
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