What are Banks instructions on Advance Remittance for Import based on RBI guidelines?
A. 1. Authorised dealers may allow advance remittance for import of goods without any ceiling subject to the following conditions: a. The importer should hold the EC copy of a valid import licence if the goods to be imported are those included in the negative list of imports in the Export and Import policy in force. b. Remittance is made direct to the suppliers. c. If the amount of advance remittance exceeds USD 100,000 or its equivalent, an unconditional, irrevocable standby Letter of Credit or a guarantee from an international bank of repute situated outside India or a guarantee of an authorised dealer in India, if such a guarantee is issued against the counter-guarantee of an international bank of repute situated outside India, is obtained. d. Physical import of goods into India is made within six months (three years in case of capital goods) from the date of remittance and the importer gives an undertaking to furnish documentary evidence of import within fifteen days from the close
