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Master Circular on Import of Goods and Services

Master Circular No. /7/2004-05

July 1, 2004


All Authorised Dealers in Foreign Exchange


Master Circular- Import of Goods and Services

Import of Goods and Services into India is being allowed in terms of Section 5 of the Foreign Exchange Management Act 1999 (42 of 1999), read with Notification No. GSR 381(E) dated May 3, 2000 as amended from time to time.

2. This Master Circular consolidates the existing instructions on the subject of "Import of Goods and Services" at one place. The list of underlying circulars is set out at Annex -1.

3. As recommended by the Committee on Procedures and Performance Audit on Public Services (CPPAPS) (Chairman : Shri S. S. Tarapore) set up by the Reserve Bank, this Master Circular is being issued with a sunset clause of one year. This circular will stand withdrawn on July 1, 2005 and be replaced by an updated Master Circular on the subject.

Yours faithfully,

Grace Koshie
Chief General Manager


List of circulars which have been consolidated in this Master Circular

Import of Goods and Services

Sl. No.

Circular No.



AP (DIR Series) circular no 106

June 19, 2003


AP (DIR Series) circular no 4

July 19, 2003


AP (DIR Series) circular no 9

August 18,2003


AP (DIR Series) circular no 15

September 17,2003


AP (DIR Series) circular no 49

December 15,2003


AP (DIR Series) circular no 66

February 06,2004


AP (DIR Series) circular no 72

February 20,2004



Part I : Introduction

Part II
Import of Goods and Services

Section A

Section B

Section C

Annex- 2 - Foreign Exchange Management (Current Account Transactions) Rules




Import trade is regulated by the Directorate General of Foreign Trade(DGFT) under Ministry of Commerce & Industry, Department of Commerce, Government of India. Authorised dealers, while undertaking import transactions, should ensure that the imports into India are in conformity with the Export Import Policy in force and Foreign Exchange Management (Current Account Transactions) Rules, 2000 framed by Government of India vide Notification No. G.S.R.381 (E) dated May 3, 2000 and the directions issued by Reserve Bank under Foreign Exchange Management Act from time to time.

Authorised dealers should follow normal banking procedures and adhere to the provisions of Uniform Customs and Practices for Documentary Credits (UCPDC), etc. while opening letters of credit for import into India on behalf of their constituents. In respect of import of drawings and designs, compliance with the provisions of Research & Development Cess Act, 1986 may be ensured. Authorised dealers may also advise importers to ensure compliance with the provisions of Income Tax Act, wherever applicable



A.1 General

Rules and Regulations from the Exchange Control angle to be followed by the authorised dealers while undertaking import payment transactions on behalf of their clients are set out in the following paragraphs. Where specific regulations do not exist, authorised dealers may be governed by normal trade practices. Authorised dealers may particularly note to adhere to 'Know Your Customer' (KYC) guidelines issued by Reserve Bank (Department of Banking Operations & Development)in all their dealings.

A.2 Form A 1

Applications by persons, firms and companies for making payments, exceeding USD 500 or its equivalent, towards imports into India must be made on appropriate form A 1.

A.3 Import Licences

Authorised dealers may freely open

letters of credit and allow remittances for import of goods unless they are included in the negative list requiring licence under the EXIM Policy in force. In such cases, licences marked ‘For Exchange Control purposes’ should be called for and special conditions, if any, attached to such licences adhered to.Exchange Control copy of the import licence submitted by importer for opening of Letter of Credit or making remittance, when fully utilised, should be retained by authorised dealers and may be preserved till its scrutiny by the internal auditors or inspectors is completed.

A.4 Obligation of Purchaser of Foreign Exchange

  1. In terms of Section 10(6) of the Foreign Exchange Management Act,1999 (FEMA), any person acquiring foreign exchange is permitted to use it either for the purpose mentioned in the declaration made by him to an authorised dealer under Section 10(5)of the Act or to use it for any other purpose for which acquisition of exchange is permissible under the said Act, or Rules or Regulations framed thereunder.
  2. Where foreign exchange acquired has been utilised for import of goods into India the authorised dealer should ensure that importer furnishes an evidence of import to his satisfaction, as laid down in paragraph A.10.

  1. In addition to the permitted methods of payment for imports laid down in Notification No.FEMA14/2000-RB dated 3rd May 2000, payment for import can also be made by way of credit to non-resident account of the overseas exporter maintained with a bank in India. In such cases also authorised dealer should ensure compliance with the instructions contained in sub-paragraphs (i) and (ii) above.

A.5 Time Limit for Settlement of Import Payments

(i). In terms of the extant regulations, remittances against imports should be completed not later than six months from the date of shipment except in cases where amounts are withheld towards guarantee of performance etc. Deferred payment arrangements including suppliers and buyers credit providing for payments beyond a period of six months from date of shipment upto a period of less than three years are treated as trade credits for which the procedural guidelines laid down in the Master Circular for trade credits may be followed.

(ii.) Authorised dealers may permit settlement of import dues delayed due to disputes, financial difficulties etc. Interest in respect of such delayed payments may be permitted in terms of the directions in para A.7 below.

NOTE: Remittances against import of books may be allowed without restriction as to time limit, provided, interest payment, if any, is as per the instructions in para A.7

A.6 Advance Remittance

Authorised dealers may allow advance remittance for import of goods without any ceiling subject to the following conditions :

  1. I).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.
  2. ii). In cases where the importer (other than a Public Sector Company or a Department/Undertaking of the Government of India/State Governments) is unable to obtain bank guarantee from overseas suppliers and the Authorised Dealer is satisfied about the track record and bonafides of the importer, the requirement of the bank guarantee/ standby Letter of Credit may not be insisted upon for advance remittances upto USD 1,000,000 (US dollar one million). Authorised Dealers may frame their own internal guidelines to deal with such cases as per a suitable policy framed by the bank's Board of Directors.

    iii) A Public Sector Company or a Department/Undertaking of the Central/State Government/s which is not in a position to obtain a guarantee from an international bank of repute against an advance payment, is required to obtain a specific waiver for the bank guarantee from the Ministry of Finance, Government of India before making advance remittance exceeding USD 100, 000.

  3. 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 of the relevant period.
  4. In the event of non-import of goods, authorised dealer should ensure that the amount of advance remittance is repatriated to India or is utilised for any other purposes for which release of exchange is permissible under the Act, Rules or Regulations made thereunder.

A.7 Interest on Import Bills

Authorised dealers may allow payment of interest on usance bills or overdue interest for a period of less than three years from the date of shipment at the rates prescribed in the Master Circular on trade credits.

A.8 Remittances against Replacement Imports

Where goods are short-supplied, damaged, short-landed or lost in transit and the Exchange Control copy of the import licence has already been utilised to cover the opening of a letter of credit against the original goods which have been lost, the original endorsement to the extent of the value of the lost goods may be cancelled by authorised dealers and fresh remittance for replacement imports permitted without reference to Reserve Bank, provided the insurance claim relating to the lost goods has been settled in favour of the importer. It may be ensured that the consignment being replaced is shipped within the validity period of the licence.

A.9 Guarantee for Replacement Import

In case replacement goods for defective import are being sent by the overseas supplier before the defective goods imported earlier are reshipped out of India, authorised dealers may issue guarantees at the request of importer client for despatch/return of the defective goods, according to their commercial judgement.

A.10.1 Evidence of Import

  1. In case of all imports, where value of foreign exchange remitted/paid for import into India exceeds USD 100,000 or its equivalent, it is obligatory on the part of the authorised dealers through whom the relative remittance was made, to ensure that the importer submits :-

    1. the Exchange Control copy of the Bill of Entry for home consumption, or
    2. in case of 100% Export Oriented Units the Exchange Control copy of the Bill of Entry for warehousing, or
    3. Customs Assessment Certificate or Postal Appraisal Form, as declared by the importer to the Customs Authorities, where import has been made by post, as an evidence that the goods for which the payment was made have actually been imported into India.

  1. Where imports are made in non-physical form, i.e., software or data through internet/datacom channels and drawings and designs through e-mail/fax, a certificate from a Chartered Accountant that the software/data/ drawing/ design has been received by the importer, may be obtained.
  2. Note: Authorised dealers should advise importers to keep Customs Authorities informed of the imports made by them under this clause.

  3. In respect of imports on D/A basis, authorised dealers should insist on production of evidence of import at the time of effecting remittance of import bill. However, if importers fail to produce documentary evidence due to genuine reasons such as non-arrival of consignment, delay in delivery/customs clearance of consignment, etc., authorized dealers may, if satisfied with the genuiness of request, allow reasonable time, not exceeding three months from the date of remittance, to the importer to submit the evidence of import.
  4. Authorised dealers should acknowledge receipt of evidence of import e.g. Exchange Control copy of the Bill of Entry, Postal Appraisal Form or Customs Assessment Certificate, etc., from importers by issuing acknowledgement slips containing all relevant particulars relating to the import transactions.
  5. Internal inspectors or auditors (including external auditors appointed by authorised dealers) should carry out verification of the documents evidencing import, e.g. Exchange Control copies of Bills of Entry or Postal Appraisal Forms or Customs Assessment Certificates, etc.,
  6. Documents evidencing import into India should be preserved by authorised dealers for a period of one year from the date of its verification. However, in respect of cases which are under investigation by investigating agencies, the documents may be destroyed only after obtaining clearance from the investigating agency concerned.


Authorised dealers may accept either Exchange Control copy of Bill of Entry for home consumption or a certificate from the Chief Executive Officer (CEO) or auditor of the company that the goods for which remittance was made have actually been imported into India provided :-

  1. the amount of foreign exchange remitted is less than USD 1,000,000 (USD one million) or its equivalent,
  2. the importer is a company listed on a stock exchange in India and whose net worth is not less than Rs.100 crores as on the date of its last audited balance sheet,


the importer is a public sector company or an undertaking of the Government of India or its departments.

The above facility may also be extended to autonomous bodies, including scientific bodies/academic institutions, such as Indian Institute of Science / Indian Institute of Technology etc. whose accounts are audited by the Comptroller and Auditor General of India(CAG). Authorised dealers may insist on a declaration from the auditor/CEO of such institutions that their accounts are audited by CAG.

A.11 Follow up for Import Evidence

  1. In case an importer does not furnish any documentary evidence of import, as required under paragraphs A.10.1 & 2 above, within 3 months from the date of remittance involving foreign exchange exceeding USD100,000, the authorised dealer should rigorously follow-up for the next 3 months, including issue of registered letters to the importer.
  2. Authorised dealers should forward to Reserve Bank a statement on half- yearly basis as at the end of June & December of every year, in form BEF(format enclosed) furnishing details of import transactions, exceeding USD 100,000 in respect of which importers have defaulted in submission of appropriate document evidencing import within 6 months from the date of remittance. The said half-yearly statement should be submitted to the Regional Office of Reserve Bank under whose jurisdiction the authorised dealer is functioning, within 15 days from the close of the half-year to which the statement relates.

A.12 Receipt of import Bills/Documents

  1. Import bills and documents should be received from the banker of the supplier by the banker of the importer in India. Authorised dealers should not, therefore, make

remittances where import bills have been received directly by the importers from the overseas supplier, except in the following cases:

    1. Where the value of import bill does not exceed USD 100,000.
    2. Import bills received by wholly-owned Indian subsidiaries of foreign companies from their principals.
    3. Import bills received by Super Star Trading Houses, Star Trading Houses, Trading Houses, Export Houses,100% Export Oriented Units/ Units in Free Trade Zones, Public Sector Undertakings and Limited Companies.

d. Import bills received by all limited companies viz. public limited, deemed public limited and private limited companies.

  1. At the request of importer clients, authorised dealers may receive bills direct from the overseas supplier as above, provided the authorised dealer is fully satisfied about the financial standing/status and track record of the importer customer. Before extending the facility, authorised dealer should obtain report on each individual overseas supplier from the overseas banker or reputed credit agency.

A.13 Import of Gold/Platinum/Silver by Nominated Banks/Agencies

  1. Import of gold on consignment basis
  2. Gold may be imported by the nominated agencies/banks on consignment basis where the ownership will remain with the supplier and the importer (consignee) will be acting as an agent of the supplier (consignor). Remittances towards the cost of import shall be made as and when sales take place and in terms of the provisions of agreement entered into between the overseas supplier and nominated agency/bank.

  3. Import of gold on unfixed price basis

The nominated agency/bank may import gold on outright purchase basis subject to the condition that although ownership of the gold shall be passed on to the importer at the time of import itself, the price of gold shall be fixed later, as and when the importer sells the gold to the users.

NOTE : Instructions contained in this paragraph would also apply to import of platinum and silver.

A.14 Import factoring

Authorised dealers may enter into arrangements with international factoring companies of repute, preferably members of Factors Chain International, without approval of Reserve Bank. However, authorised dealers will have to ensure compliance with the extant exchange control directions relating to imports, EXIM policy in force and any other guidelines/directives issued by Reserve Bank in this regard.


Merchanting Trade

Authorised dealers may take necessary precautions in handling merchanting trade transactions or intermediary trade transactions to ensure that (a) goods involved in the transactions are permitted to be imported into India, (b) such transactions do not involve foreign exchange outlay for a period exceeding three months, and (c) all rules, regulations and directions applicable to export out of India (except Export Declaration Form) are complied with in respect of the export leg and all rules, regulations and directions applicable to import (except Bill of Entry) are complied with in respect of the import leg of merchanting trade transactions. Authorised dealers are also required to ensure timely receipt of payment for the export leg of such transactions.

Authorized Dealers may note that short-term credit either by way of suppliers' credit or buyers' credit is not available for merchanting trade or intermediary trade transactions. While undertaking bonafide merchanting trade transactions on behalf of their trader clients, authorized dealers should ensure that the terms of payment for the import leg and the export leg of the transactions are such that

  1. the liability for the import leg of the transaction is extinguished by the payment received for the export leg of the transaction, without any delay and
  2. the entire merchant trade transaction is completed within a period of 6 months.

Section – C

Import of Currency

Import of currency, including cheques, is governed by clause (g) of sub-section (3) of Section 6 of the Foreign Exchange Management Act, 1999, and the Foreign Exchange Management (Export and Import of Currency) Regulations 2000, made by Reserve Bank vide Notification No.FEMA 6/RB- 2000 dated May 3, 2000 and No.FEMA 38/RB-2001 dated February 27, 2001.


(See paragraph A.11)

Statement showing the details of remittances effected towards import in respect of which documentary evidence has not been received despite reminders

Name and address of AD branch…………………….

Name of Controlling Office of AD branch ……………..

Statement for the half-year ended …………………


  1. The statement should be submitted in duplicate, to the Regional Office of Reserve Bank under whose jurisdiction the A.D. branch is functioning.
  2. Details of transactions where the amount of remittance exceeds USD 100,000 or its equivalent should only be included in the statement.
  3. In cases where, at the time of advance remittance, purpose of remittance was as import and subsequently the exchange has been used for other purpose for which sale of exchange is permissible, and a document to the satisfaction of authorised dealer has been produced, such cases should not be treated as default and hence be excluded from the BEF statement.
  4. Authorised dealers may accept ‘Into Bond Bill of Entry’ as a provisional evidence of import into India. However, they may ensure submission of Exchange Control copy of the Bill of Entry for Home consumption within a reasonable period of time. Where EDI system has been implemented by customs and the importer receives only one copy of the 'ex-Bond Bill of Entry' from the customs, Authorised Dealers may advise importer to submit a photocopy of the 'ex-Bond Bill of Entry' for home consumption after clearance of the goods from the warehouse / bond, which may be duly verified by the Authorised Dealer and accepted as final evidence of import. Cases where ‘Into Bond Bill of Entry’ has been submitted need not be reported in BEF statement.
  5. The statement should include details of all remittances, exceeding USD 100,000 from India or payments from abroad in connection with imports, including advance payments, delayed payments, etc. irrespective of the source of funding (i.e. EEFC accounts/foreign currency accounts maintained in India and abroad, payments out of external commercial borrowings, foreign investments in the shares of importers etc.)
  6. The cases reported in Part I of statement for the previous half-year should not be reported again in Part I of the statement for the current half-year.
  7. In case no transaction is required to be reported, ‘NIL’ statement should be submitted.
  8. Statement should be submitted within 15 days from the close of the half-year to which it relates.


Part I

Information regarding importers who have defaulted in submission of the documentary evidence of import


Importer/ Exporter Code No.

Name and address of the Importer

No.and date of import licences, if any

Brief description of goods

Date of remittance/ payment

Currency and amount

Rupee equiva-lent











A . Import by parties other than Public Sector Undertakings/Government Departments














































B. Import by Public Sector Undertakings/Government Departments

























































Part II

Information regarding subsequent receipt of documentary evidence of Import from importers whose names were reported in Part I of earlier BEF statement/s


Name and address of the importer

Period of the BEF statement and serial No. of the transaction reported earlier in Part I of BEF statement

Date of receipt

Amount of remittance


Currency & Amount

Rupee equivalent







A. Import by parties other than Public Sector Undertakings/Government Departments




































B. Import by Public Sector Undertakings/Government Departments











































Note : The transactions reported in Part II of BEF statement of earlier half-year should not be repeated in Part II of the current half-year.


  1. We certify that the particulars furnished above are true and correct as per our records.
  2. We further certify that the statement includes all cases which are required to be reported under the prescribed procedure.
  3. We undertake to continue to pursue the cases with the importers reported in Part I of the statement.



(Signature of the Authorised Official)


Name :
Designation :


Annex- 2

Foreign Exchange Management (Current Account Transactions) Rules G.S.R.381(E), May 3, 2000

(as amended by Notification S.O.301(E) dated March 30,2001, GSR 831(E) dated December 17,2002,GSR.397(E) dated May 1,2003 and GSR.731 (E) dated September 5,2003)

G.S.R.381(E)-In exercise of the powers conferred by Section 5 and sub-section (1) and clause (a) of sub-section (2) of Section 46 of the Foreign Exchange Management Act, 1999, and in consultation with the Reserve Bank, the Central Government having considered it necessary in the public interest, makes the following rules, namely :--

1. Short title and commencement.---(1) These rules may be called the Foreign Exchange Management (Current Account Transactions) Rules, 2000;

(2) They shall come into effect on the 1st day of June 2000.

2. Definitions.---In these rules, unless the context otherwise requires :

(a) "Act" means the Foreign Exchange Management Act, 1999 (42 of 1999);

(b) "Drawal" means drawal of foreign exchange from an authorised person and includes opening of Letter of Credit or use of International Credit Card or International Debit Card or ATM Card or any other thing by whatever name called which has the effect of creating foreign exchange liability;

(c) "Schedule" means a schedule appended to these rules;

(d) The words and expressions not defined in these rules but defined in the Act shall have the same meanings respectively assigned to them in the Act.

3. Prohibition on drawal of Foreign Exchange.---Drawal of foreign exchange by any person for the following purpose is prohibited, namely:

a. a transaction specified in the Schedule I; or

b. a travel to Nepal and/or Bhutan; or

c. a transaction with a person resident in Nepal or Bhutan.

Provided that the prohibition in clause (c) may be exempted by RBI subject to such terms and conditions as it may consider necessary to stipulate by special or general order.

4. Prior approval of Govt. of India.---No person shall draw foreign exchange for a transaction included in the Schedule II without prior approval of the Government of India,

Provided that this Rule shall not apply where the payment is made out of funds held in Resident Foreign Currency (RFC) and Resident Foreign Currency (Domestic) Account of the remitter.

5. Prior approval of Reserve Bank.

No person shall draw foreign exchange for a transaction included in the Schedule III without prior approval of the Reserve Bank;

Provided that this Rule shall not apply where the payment is made out of funds held in Resident Foreign Currency (RFC) and Resident Foreign Currency (Domestic) Account of the remitter.

6 (1) Nothing contained in Rule 4 or Rule 5 shall apply to drawal made out of funds held in Exchange Earners’ Foreign Currency (EEFC) account of the remitter.

(2) Notwithstanding anything contained in sub-rule (1), restrictions imposed under rule 4 or rule 5 shall continue to apply where the drawal of foreign exchange from the Exchange Earners Foreign Currency (EEFC) Account is for the purpose specified in items 10 and 11 of Schedule II, or item 3, 4, 11, 16 & 17 of Schedule III as the case may be.

7. Use of International Credit Card while outside India-

Nothing contained in Rule 5 shall apply to the use of International Credit Card for making payment by a person towards meeting expenses while such person is on a visit outside India.

However, the restrictions on the use of the card for prohibited items will continue.

Schedule I
(See Rule 3)

    1. Remittance out of lottery winnings.
    2. Remittance of income from racing/riding etc. or any other hobby
    3. Remittance for purchase of lottery tickets, banned/proscribed magazines, football pools, sweepstakes, etc.
    4. Payment of commission on exports made towards equity investment in Joint Ventures/ Wholly Owned Subsidiaries abroad of Indian companies.
    5. Remittance of dividend by any company to which the requirement of dividend balancing is applicable.
    6. Payment of commission on exports under Rupee State Credit Route, except commission upto 10% of invoice value of exports of tea and tobacco.
    7. Payment related to 'Call Back Services' of telephones.
    8. Remittance of interest income on funds held in Non-Resident Special Rupee (Account) Scheme.

Schedule II

(See Rule 4)

Purpose of Remittance

Ministry/Department of Govt. of India whose approval is required

1. Cultural Tours

Ministry of Human Resources Development, (Department of Education and Culture)

2. Advertisement in foreign print media for the purposes other than promotion of tourism, foreign investments and international bidding (exceeding USD 10,000) by a State Government and its Public Sector Undertakings

Ministry of Finance, (Department of Economic Affairs)

3. Remittance of freight of vessel chartered by a PSU

Ministry of Surface Transport, (Chartering Wing)

4. Payment of import by a Govt. Department or a PSU on c.i.f. basis (i.e. other than f.o.b. and f.a.s. basis)

Ministry of Surface Transport, (Chartering Wing)

5. Multi-modal transport operators making remittance to their agents abroad

Registration Certificate from the Director General of Shipping

6. Hiring of transponders by TV Channels and Internet Service providers #

Ministry of Information and Broadcasting

7. Remittance of container detention charges exceeding the rate prescribed by Director General of Shipping

Ministry of Surface Transport (Director General of Shipping)

8. Remittances under technical collaboration agreements where payment of royalty exceeds 5% on local sales and 8% on exports and lump-sum payment exceeds USD 2 million

Ministry of Industry and Commerce

9. Remittance of prize money/sponsorship of sports activity abroad by a person other than International / National / State Level sports bodies, if the amount involved exceeds USD 100,000.

Ministry of Human Resources Development (Department of Youth Affairs and Sports)

10. Deleted #


11. Remittance for membership of P& I Club

Ministry of Finance, (Insurance Division)

# Please refer to A.P.(DIR Series) Circular No.76 dated February 24,2004.The related Notification will be issued separately.


Schedule III
(See Rule 5)

1. Deleted ##
Release of exchange exceeding USD 10,000 or its equivalent in one calendar year, for one or more private visits to any country (except Nepal and Bhutan).
3. Gift remittance exceeding USD 5,000 per remitter/donor per annum.
4. Donation exceeding USD 5000 per remitter/donor per annum.
Exchange facilities exceeding USD 100,000 for persons going abroad for employment.
Exchange facilities for emigration exceeding USD 100,000 or amount prescribed by country of emigration.
Remittance for maintenance of close relatives abroad,

    1. exceeding net salary (after deduction of taxes, contribution to provident fund and other deductions) of a person who is resident but not permanently resident in India and –

    1. is a citizen of a foreign State other than Pakistan; or
    2. is a citizen of India, who is on deputation to the office or branch or subsidiary or joint venture in India of such foreign company.

    1. exceeding USD 100,000 per year, per recipient, in all other cases.

Explanation: For the purpose of this item, a person resident in India on account of his employment or deputation of a specified duration (irrespective of length thereof) or for a specific job or assignment; the duration of which does not exceed three years, is a resident but not permanently resident.

8. Release of foreign exchange, exceeding USD 25,000 to a person, irrespective of period of stay, for business travel, or attending a conference or specialised training or for maintenance expenses of a patient going abroad for medical treatment or check-up abroad, or for accompanying as attendant to a patient going abroad for medical treatment/check-up.
9. Release of exchange for meeting expenses for medical treatment abroad exceeding the estimate from the doctor in India or hospital/doctor abroad.
10. Release of exchange for studies abroad exceeding the estimate from the institution abroad or USD 100,000, per academic year, whichever is higher.
11. Commission to agents abroad for sale of residential flats/ commercial plots in India, exceeding USD 25,000 or 5% of the inward remittance per transaction, whichever is higher. ##
12. Deleted ##
13. Deleted ##
14. Deleted ##
15. Remittance exceeding USD 1,000,000 per project, for any consultancy service procured from outside India.
16. Remittances for purchase of trade mark/franchise in India. ##
17. Remittance exceeding USD 100,000 by an entity in India by way of reimbursement of pre-incorporation expenses.
18. Deleted ##

## Please refer to A.P.(DIR Series) Circular No.76 dated Feb.24,2004. The related Notification will be issued separately.