Reserve Bank of India
Exchange Control Department
Central Office
Mumbai – 400 001
A.P. (DIR Series) Circular
No.49
December 15, 2003
To
All Authorised Dealers in Foreign
Exchange
Madam/Sirs,
Advance Remittance for Imports
Attention of Authorised Dealers
is invited to paragraph 2 of A.P. (DIR Series) Circular No.15 dated September
17, 2003 regarding advance remittance for imports.
2. It is clarified that 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. Authorised Dealers may bring
the contents of this circular to the notice of their constituents concerned.
4. The directions contained
in this circular have been issued under Sections 10(4) and 11(1) of the
Foreign Exchange Management Act, 1999 (42 of 1999).
Yours faithfully,
Grace Koshie
Chief General Manager
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