Master Direction – Import of Goods and Services (Updated as on January 12, 2026)
17/2015-16 Dated:- 1-1-2016 Master Direction
FEMA
RBI/FED/2016-17/12
FED Master Direction No. 17/2016-17
January 1, 2016
(Updated as on January 12, 2026)
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To
All Authorised Dealer Category – I banks
Madam / Dear Sir,
Master Direction – Import of Goods and Services
Import of Goods and Services into India is being allowed in terms of Section 5 of the Foreign Exchange
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found in Master Direction on reporting (Master Direction No. 18 dated January 01, 2016).
4. It may be noted that, whenever necessary, Reserve Bank shall issue directions to Authorised Persons through A.P. (DIR Series) Circulars in regard to any change in the Regulations or the manner in which relative transactions are to be conducted by the Authorised Persons with their customers/ constituents. The Master Direction issued herewith shall be amended suitably simultaneously. This Master Direction is issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 and is without prejudice to permissions/ approvals, if any, required under any other law.
Yours faithfully,
(Dr. Aditya Gaiha)
Chief General Manager-in-Charge
Master Direction 17 – Import of Goods and Services
INDEX
Section I – Introduction
Section II – General Guidelines for imports
B.1.
General Guidelines
B.2.
Remittances for Import Payments
B.3.
Import Licenses
B.4.
Obligation of Purc
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currencies not having a direct exchange rate
C.17
Import Data Processing and Monitoring System (IDPMS) – reconciliation of import entries – Special Procedure
Consolidated List of Circulars in the Master Direction
Section I – Introduction
(i) Import trade is regulated by the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce & Industry, Department of Commerce, Government of India. Authorised Dealer Category – I (AD Category – I) banks should ensure that the imports into India are in conformity with the Foreign Trade Policy in force and Foreign Exchange Management (Current Account Transactions) Rules, 2000 framed by the 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, 1999 from time to time.
(ii) AD Category – I banks should follow normal banking procedures and adhere to the provisions of Uniform Customs and Practices for Documentary Credits (UC
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ory – I banks from the foreign exchange angle while undertaking import payment transactions on behalf of their clients are set out in the following paragraphs. Where specific regulations do not exist, AD Category – I banks may be governed by normal trade practices. AD Category – I banks may particularly note to adhere to “Know Your Customer” (KYC) guidelines issued by Reserve Bank (Department of Banking Regulation) in all their dealings.
B.2. Remittances for Import Payments
AD Category I Banks may allow remittance for making payments for imports into India, after ensuring that all the requisite details are made available by the importer and the remittance is for bona fide trade transactions as per applicable laws in force.
B.3. Import Licences
Except for goods included in the negative list which require licence under the Foreign Trade Policy in force, AD Category – I banks may freely open letters of credit and allow remittances for import. While opening letters of credit, the 'For
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IDPMS as explained in para C.7, Postal Appraisal Form or Customs Assessment Certificate, etc., and satisfy himself that goods equivalent to the value of remittance have been imported. 4AD bank should ensure that all import remittances outstanding on the notified date of IDPMS are uploaded in IDPMS.
5ommitted
B.5. Time Limit for Settlement of Import Payments
B.5.1. Time limit for Normal Imports
(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. 6Further, for the disruptions due to outbreak of COVID-19 pandemic, with effect from May 22, 2020, the time period for completion of remittances against normal imports (except in cases where amounts are withheld towards guarantee of performance etc.) was extended from six months to twelve months from the date of shipment for such imports made on or before July 31, 2020.
(
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ided, interest payment, if any, is as per the instructions in para C.2 of Section III of this Circular.
8B.5.4 Extension of Time
(i) AD Category – I banks can consider granting extension of time for settlement of import dues up to a period of six months at a time (maximum up to the period of three years) irrespective of the invoice value for delays on account of disputes about quantity or quality or non-fulfilment of terms of contract; financial difficulties and cases where importer has filed suit against the seller. In cases where sector specific guidelines have been issued by Reserve Bank of India for extension of time (i.e. rough, cut and polished diamonds), the same will be applicable.
(ii) While granting extension of time, AD Category -I banks must ensure that:
* The import transactions covered by the invoices are not under investigation by Directorate of Enforcement / Central Bureau of Investigation or other investigating agencies;
* While considering extension beyond one
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overned by Foreign Exchange Management (Export and Import of Currency) Regulations 2000, issued by Reserve Bank vide 11Notification No. FEMA 6(R)/2015-RB dated December 29, 2015.
(ii) Reserve Bank may allow a person to bring into India currency notes of Government of India and / or of Reserve Bank subject to such terms and conditions as the Reserve Bank may stipulate.
B.6.1. Import of Foreign Exchange into India
A person may-
(i) Send into India, without limit, foreign exchange in any form other than currency notes, bank notes and travellers cheques;
(ii) Bring into India from any place outside India, without limit, foreign exchange (other than unissued notes), subject to the condition that such person makes, on arrival in India, a declaration to the Custom Authorities at the Airport in the Currency Declaration Form (CDF) annexed to these Regulations; provided further that it shall not be necessary to make such declaration where the aggregate value of the foreign exchange in the f
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ed to make payments to a third party for import of goods, subject to conditions as under:
* Firm irrevocable purchase order / tripartite agreement should be in place. However this requirement may not be insisted upon in case where documentary evidence for circumstances leading to third party payments / name of the third party being mentioned in the irrevocable order / invoice has been produced.
* AD bank should be satisfied with the bonafides of the transactions and should consider the Financial Action Task Force (FATF) Statement before handling the transactions;
* The Invoice should contain a narration that the related payment has to be made to the (named) third party;
* Bill of Entry should mention the name of the shipper as also the narration that the related payment has to be made to the (named) third party;
* Importer should comply with the related extant instructions relating to imports including those on advance payment being made for import of goods.
B.8. Issue of Gu
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and the AD Category – I bank 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 up to USD 5,000,000 (US Dollar five million). AD Category – I banks may frame their own internal guidelines to deal with such cases as per a suitable policy framed by the bank's Board of Directors.
(c) A Public Sector Company or a Department/Undertaking of the Government of India / 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.
(ii) All payments towards advance remittance for imports shall be subject to the specified conditions 13and AD banks are required to create Outward Remittance Message (ORM) for all such outward remi
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red accounts or otherwise and AD banks should ensure that they have created the Outward Remittance Message (ORM) for all such outward remittances in IDPMS.
v. Further, due caution may be exercised to ensure that remittance is not permitted for import of conflict diamonds (Kimberly Certification).
vi. KYC and due diligence exercise should be done by the AD Category – I banks as per the existing guidelines.
vii. AD Category – I banks should follow-up submission of the Bill of Entry / documents evidencing import of rough diamonds into the country by the importer, in terms of the Act / Rules / Regulations / Directions issued in this regard.
b) In case of an importer entity in the Public Sector or a Department / Undertaking of the Government of India / State Government/s, AD Category – I banks may permit the advance remittance subject to the above conditions and a specific waiver of bank guarantee from the Ministry of Finance, Government of India, where the advance payments is equivalen
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Policy to import aircrafts and helicopters (including used / second hand aircraft and helicopters) or any other person who has been granted permission by the Directorate General of Civil Aviation (DGCA) to operate Scheduled or Non-Scheduled Air Transport Service (including Air Taxi Services), can make advance remittance without bank guarantee or an unconditional, irrevocable Standby Letter of Credit, up to USD 50 million. Accordingly, AD Category – I banks may allow advance remittance, without obtaining a bank guarantee or an unconditional, irrevocable Standby Letter of Credit, up to USD 50 million, for direct import of each aircraft, helicopter and other aviation related purchases.
2. Importers of Aircrafts/ Helicopters and other Aviation related Purchases, not eligible under clause (1) above can make advance remittance without bank guarantee, in terms of Para C.1.1 above.
3. The remittances for the transactions at 1 and 2 above shall be subject to the following conditions:
i. The
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pital 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. It is clarified that where advance is paid as milestone payments, the date of last remittance made in terms of the contract will be reckoned for the purpose of submission of documentary evidence of import.
vi. Prior to making the remittance, the AD Category – I bank may ensure that the requisite in principle approval of the Ministry of Civil Aviation in case of Scheduled Air Service Operators and in other cases approval of the Director General of Civil Aviation / other agencies in terms of the extant Foreign Trade Policy has been obtained by the company, for import.
vii. In the event of non-import of aircraft and aviation sector related products, AD Category – I bank should ensure that the amount of advance remittance is immediately repatriated to India.
Prior approval of the concerned Regional Office of t
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outside India, should be obtained from the overseas beneficiary.
(b) In the case of a Public Sector Company or a Department/ Undertaking of the Government of India/ State Governments, approval from the Ministry of Finance, Government of India for advance remittance for import of services without bank guarantee for an amount exceeding USD 100,000 (USD One hundred thousand) or its equivalent would be required.
(c) AD Category – I banks should also follow-up to ensure that the beneficiary of the advance remittance fulfils his obligation under the contract or agreement with the remitter in India, failing which, the amount should be repatriated to India.
17(d) AD Category – I banks should ensure generation of ORMs and marking off in the IDPMS etc., as per extant IDPMS guidelines.
C.2. Interest on Import Bills
(i) AD Category – I bank may allow payment of interest on usance bills or overdue interest on delayed payments for a period of less than three years from the date of shipment at t
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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 the AD Category – I bank and fresh remittance for replacement imports may be 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 license. 20AD bank should ensure that proper remark/indicator is entered for ORM mark off/closure of Bills in IDPMS etc. as per extant IDPMS guidelines.
C.4. 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, AD Category-I banks may issue guarantees at the request of importer client for dis
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ef Executive Officer (CEO) or auditor of the importer company that the goods for which remittance was made have actually been imported and installed at overseas sites.
21(v) The AD Category I bank should ensure compliance with IDPMS guidelines as applicable.
C.6. Receipt of Import Bills/Documents
22Concerned AD Category banks to ensure generation of ORMs, BoE entries and BoE settlement with the respective ORMs in compliance with IDPMS guidelines as applicable.
C.6.1 Receipt of import documents by the importer directly from overseas suppliers
Import bills and documents should be received from the banker of the supplier by the banker of the importer in India. AD Category – I bank should not, therefore, make remittances where import bills have been received directly by the importers from the overseas supplier, except in the following cases:
(i) Where the value of import bill does not exceed USD 300,000.
(ii) Import bills received by wholly-owned Indian subsidiaries of foreign compa
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semi- precious stones can receive import bills directly from the suppliers without any ceiling. AD Category – I banks may undertake such transactions subject to the following conditions:
(i) The import would be subject to the prevailing Foreign Trade Policy.
(ii) The transactions are based on their commercial judgment and they are satisfied about the bonafides of the transactions.
(iii) AD Category – I banks should do the KYC and due diligence exercise and should be fully satisfied about the financial standing / status and track record of the importer customer. Before extending the facility, they should also obtain a report on each individual overseas supplier from the overseas banker or reputed overseas credit rating agency.
C.6.3. Receipt of import documents by the AD Category – I bank directly from overseas suppliers
(i) At the request of importer clients, AD Category – I bank may receive bills directly from the overseas supplier as above, provided the AD Category – I bank is f
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sessment Certificate or Postal Appraisal Form, as declared by the importer to the Customs Authorities, where import has been made by post, or Courier Bill of Entry as declared by the courier companies to the Customs Authorities in cases where goods have been imported through couriers, as evidence that the goods for which the payment was made have actually been imported into India, or
(c) For goods imported and stored in Free Trade Warehousing Zone (FTWZ) or SEZ Unit warehouses or Customs bonded warehouses, etc., the Exchange Control Copy of the Ex-Bond Bill of Entry or Bill of Entry issued by Customs Authorities by any other similar nomenclature the importer shall submit applicable BoE number, port code and date for marking evidence of import under IDPMS as detailed in para C.8.
(ii) In respect of imports on Delivery against acceptance basis, AD Category – I bank shall verify the evidence of import from IDPMS at the time of effecting remittance of import bill. However, if importers f
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exchange remitted is less than USD 1,000,000 or its equivalent and
(b) The importer is a company listed on a stock exchange in India and whose net worth is not less than Rs.100 crore as on the date of its last audited balance sheet, or, the importer is a public sector company or an undertaking of the Government of India or its departments.
(ii) 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). AD Category – I bank may insist on a declaration from the auditor/CEO of such institutions that their accounts are audited by CAG.
26(iii) Outward Remittance Message has to be created & BoE has to be downloaded from “BoE Master “in IDPMS (in case of EDI ports). In case of Non-EDI ports duplicate copy/customs certified copy have to be submitted or BoE waiver obtained from RBI.
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y the importer, the banks shall download the Bill of Entry (BoE) issued by EDI ports from “BOE Master” in IDPMS. For non-EDI ports, AD bank of the importer shall upload the BoE data in IDPMS as per message format “Manual BOE reporting” on daily basis on receipt of BoE from the customer/Customs office. 29In order to enhance the ease of doing business and reduce transaction costs, submission of hardcopy of evidence of import documents i.e., BoE Exchange Control copy has been discontinued with effect from December 1, 2016 as the same is available in IDPMS. The revised procedure is as under:
(iv) AD banks shall enter BoE details (BoE number, port code and date) for ORM associated with the advance payments for import transactions as per the message format “BOE settlement”.
(v) In case of payment after receipt of BoE, the AD bank shall generate ORM for import payments made by its importer customer as per the message format “BOE settlement”.
(vi) Multiple ORMs can be settled against single
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lves write off to the extent of 5% of invoice value in cases where the amount declared in BoE varies from the actual remittance due to operational reasons and AD bank is satisfied with the reason/s submitted by the importer.
(xi) AD Category I banks may close the BoE for such import transactions where write off is on account of quality issues; short shipment or destruction of goods by the port / Customs / health authorities in terms of extant guidelines on the matter subject to submission of satisfactory documentation by the importer irrespective of the amount involved. AD Bank shall settle and close ORM/BoE with appropriate “Adjustment Indicator” in IDPMS.
(xii) The above operational guidelines for extension and write off are meant to facilitate closure of bills in IDPMS and will be subject to extant guidelines on the matter and not absolve the importer from remitting / receiving the amount in case of change in circumstances.
(xiii) While allowing write off, AD Category – I banks m
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nual BOE reporting” in IDPMS.
Follow-up for Evidence of Import
33(xvi) AD Category – I banks shall continue to follow up for outward remittance made for import (i.e. unsettled ORM) in terms of extant guidelines and instructions on the subject. In cases where relevant evidence of import data is not available in IDPMS on due dates against the ORM, AD Category – I bank shall follow up with the importer for submission of documentary evidence of import. Similarly, if BoE data is not settled against ORM within the prescribed period, AD Category – I banks shall follow up with the importer in terms of extent instructions.
34C.9. Verification and Preservation
(i) Internal inspectors and IS auditors (including external auditors appointed by AD Category – I bank) should carry out verification and IS audit and assurance of the “BOE Settlement” process in IDPMS. Data and process followed by AD Category -I bank for “BOE Settlement” should be preserved in terms of the guidelines under Cyber Secur
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-up for the next 3 months, 36by using various modes of communications. It should, however, be ensured that atleast one communication with the importer in this regard is by issuance of registered letter.
37(ii) In IDPMS, all outstanding import remittances, irrespective of the amount involved, should be reported by the AD Category-I banks. Further, submission of a separate BEF Statement by the AD Category-I bank would be required till the half year ended December 2017 and discontinued thereafter.
38Omitted
C.11 Import of Gold
C.11.1 Import of Gold.
i. The 20:80 scheme of import of gold was withdrawn on November 28, 2014. However, the obligation to export under the 20:80 scheme would apply to the unutilised gold imported before November 28, 2014.
39ii. Nominated banks and nominated agencies, as notified by DGFT, are permitted to import gold on consignment basis. In addition to the above, qualified jewellers and Tariff Rate Quota Holders (TRQ Holders) under India-UAE CEPA, as notifie
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encies/ qualified jewellers/ EOUs/ SEZs in Gem & Jewellery Sector, mode of payment-wise under return code R133 named 'Import of gold by EOUs, units in SEZ/EPZ and nominated agencies(HY)'
* Return on monthly basis showing the quantity and value of gold imports by the nominated agencies (other than the nominated banks)/ EOUs/ qualified jewellers/ SEZs in Gem & Jewellery sector during the month under report as well as the cumulative position as at the end of the said month beginning from the 1st month of the Financial Year. The return code R132 is named as 'Import of gold by EOUs, units in SEZ/EPZ and nominated agencies(M)'. Both the returns shall be submitted, even if there is 'Nil' position, by the 10th of the following month / half year, to which it relates
C.11.2. Import of Gold Jewellery Including Jewellery Made of Precious Metals or/and Studded With Diamonds / Precious Stones /Semi-precious.
Suppliers' and Buyers' credit (trade credit) including the usanc
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ure the remittances sent are only for the bona fide import transactions through exchange/s authorised by IFSCA.
* The advance remittance for import of Gold should not be leveraged in what-so-ever form for importing Gold worth more than the advance remittance made.
* In case the import of Gold through IFSCA authorised exchange, for which advance remittance has been made, does not materialise, or the advance remittance made for the purpose is more than the amount required, the unutilized advance remittance shall be remitted back to the same AD bank within the specified time limit of eleven days.
* For gold imported through IIBX, QJ shall submit the Bill of Entry (or any other such applicable document issued/approved by Customs Department for evidence of import), issued by Customs Authorities to the AD bank from where advance payment has been remitted.
* All payments by Qualified Jewellers for imports of gold through IIBX, shall be made through exchange mechanism as approved by IF
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ts under FEMA, 1999, FTDR Act 1992, Foreign Trade Policy and regulations of IFSCA.
AD banks may frame their own internal guidelines to deal with such cases, with the approval of their Board of Directors.
iv. Reporting requirement by AD banks
* AD bank shall create Outward Remittance Message (ORM) for all such outward remittances in IDPMS in terms of extant guidelines.
* All these transactions need to be reported in FETERS in terms of extant guidelines.
* AD bank shall report the import of gold through QJ in CIMS as prescribed at para C.11.1 above.
v. The above mentioned arrangement is for the sole purpose of facilitating physical import of gold through IIBX or any similar exchange authorised by IFSCA, by Qualified Jewellers in India.
C.11.4 Import of gold by valid India-UAE CEPA Tariff Rate Quota Holders as notified by -The International Financial Services Centres Authority (IFSCA)
AD Category-I banks may allow valid India-UAE CEPA Tariff Rate Quota (TRQ) Holders to remit ad
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Further, AD banks may allow extension of time in respect of such clean credit for import of rough, cut and polished diamonds, for a period exceeding 180 days from the date of shipment to a maximum period of 180 days beyond the prescribed period/ due date beyond which they may refer the cases to the respective Regional Office of the Reserve Bank. Such extension by AD banks may be subject to the conditions such as: (i) AD banks being satisfied of the genuineness of the reason and bonafides of the transaction and also that no interest payment is involved for the additional period; (ii) reasons for such extension are due to financial difficulties and/ or quality disputes; (iii) importer is not under investigation and is not a frequent offender. AD banks may submit a half yearly report (half year shall be April- September and October-March) of such extensions allowed customer-wise, to the respective Regional Office of the Reserve Bank within 15 days of the end of the respective half year45.
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ed Jewellers to remit advance payment for eleven days for import of silver through IIBX subject to the conditions as mentioned in A.P. (DIR Series) Circular No.04 dated May 25, 2022.
C.13. Import Factoring
(i) AD Category – I bank may enter into arrangements with international factoring companies of repute, preferably members of Factors Chain International, without the approval of Reserve Bank.
(ii) They will have to ensure compliance with the extant foreign exchange directions relating to imports, Foreign Trade Policy in force and any other guidelines/directives issued by Reserve Bank in this regard.
C.14. Merchanting Trade47
C.14.1. AD banks may handle the Merchanting Trade Transactions (MTT) subject to the following guidelines:
* For a trade to be classified as merchanting trade, goods acquired shall not enter the Domestic Tariff Area.
* Considering that in some cases, the goods acquired may require certain specific processing/ value-addition, the state of goods so acquired
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satisfy itself about the genuineness of the trade. The AD bank may, if satisfied, rely on online verification of Bill of Lading/ Airway Bill on the website of International Maritime Bureau or Airline web check facilities. However, the AD bank shall ensure that the requisite details are made available /retrievable at the time of Inspection/Audit/investigation of the transactions.
* The entire MTT shall be completed within an overall period of nine months and there shall not be any outlay of foreign exchange beyond six months48. The commencement date of merchanting trade shall be the date of shipment / export leg receipt or import leg payment, whichever is first. The completion date shall be the date of shipment / export leg receipt or import leg payment, whichever is the last.
* Short-term credit either by way of suppliers' credit or buyers' credit may be extended for MTT to the extent not backed by advance remittance for the export leg, including the discounting of export
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d at point no. 2 (viii) above.
* Payment for import leg may also be allowed to be made out of the balances in EEFC account of the merchant trader.
* Merchanting traders may be allowed to make advance payment for the import leg on demand made by the overseas supplier. In case where inward remittance from the overseas buyer is not received before the outward remittance to the overseas supplier, AD bank may handle such transactions based on its commercial judgement. It may, however, be ensured that any such advance payment for an import leg beyond USD 500,000/- per transaction, shall be made against Bank Guarantee / an unconditional, irrevocable standby Letter of Credit from an international bank of repute. Overall prudential limits on allowing such advance payments by a customer may be fixed by the AD bank.
* Letter of Credit to the supplier for the import leg is permitted against confirmed export order, keeping in view the foreign exchange outlay of six months and completion of th
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d expenses from export proceeds for the specific MTT.
C.14.3 Write-off of unrealized amount of export leg:
i. AD bank may write-off the unrealized amount of export leg, without any ceiling, on the request made by the Merchanting trader, in the following circumstances:
* The MTT buyer has been declared insolvent and a certificate from the official liquidator specifying that there is no possibility of recovery of export proceeds has been produced.
* The goods exported have been auctioned or destroyed by the Port / Customs / Health authorities in the importing country and a certificate to that effect has been produced.
* The unrealized amount of the export leg represents the balance due in a case settled through the intervention of the Indian Embassy, Foreign Chamber of Commerce or similar Organization;
provided, the MTT is in adherence to all other provisions except the delays in timelines (either for outlay or completion period of MTT or both) attributed to reasons mentioned at
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t result in the MTT ending into a loss.
* The Merchanting trader shall make a specific request to the AD bank in this regard.
C.14.6 AD bank may approach Regional Office (RO) concerned of the Reserve Bank for regularization of the MTT for deviation, if any, from the prescribed guidelines and the MTT shall be closed only after receiving approval from the RO concerned of the Reserve Bank.
C.14.7 Reporting for merchanting trade transactions under FETERS shall be done on gross basis, against the undermentioned codes:
Trade
Purpose Code under FETERS
Description
Export
P0108
Goods sold under merchanting /receipt against export leg of merchanting trade
Import
S0108
Goods acquired under merchanting /payment against import leg of merchanting trade
C.14.8. Merchanting trade to Nepal and Bhutan
As Nepal and Bhutan are landlocked countries, there is a facility of transit trade whereby goods are imported from third countries by Nepal and Bhutan through India under the cover of Custom
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he date of credit to the collection account.
(b) The AD Category -I bank will obtain a copy of invoice and airway bill from the OPGSP containing the name and address of the beneficiary as evidence of import and report the transaction in R-Return under the foreign currency payment head.
(c) The permitted credits in the OPGSP Import Collection account will be:
* collection from Indian importers for online purchases from overseas exporters electronically through credit card, debit card and net banking and
* charge back from the overseas exporters.
(d) The permitted debits in the OPGSP Import Collection account will be:
* payment to overseas exporters in permitted foreign currency;
* payment to Indian importers for returns and refunds;
* payment of commission at rates/frequencies as defined under the contract to the current account of the OPGSP; and
* bank charges
49C.16. Settlement of Import transactions in currencies not having a direct exchange rate
To further liberaliz
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which FATF has called for counter measures.
50C.17 Import Data Processing and Monitoring System (IDPMS) – reconciliation of import entries – Special Procedure
Notwithstanding anything contained in this master direction, AD banks shall adopt the following procedure while closing entries (including outstanding entries) in IDPMS of value equivalent to Rs.10 lakh per entry/bill or less:
a. Such entries shall be reconciled and closed based on a declaration provided by the concerned importer that the amount has been paid.
b. Any reduction in declared value or invoice value of the bills of entry shall also be accepted, based on the declaration by the concerned importer.
c. The declarations referred above may also be received on a quarterly basis from the importers in a consolidated manner (by combining several bills in one declaration) for bulk reconciliation and closing of IDPMS entries.
ii. Accordlingly, AD banks shall also review the charges levied for handling these small-value imp
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ts in SEZ/EPZ, and (iii) Nominated Agencies
July 9, 2004
9
34
Import of Gold on Loan Basis – Tenor of Loan and Opening of Stand-By Letter of Credit
February 18, 2005
10
1
Import of Goods of Value USD 100,000 and Less -Clarification on Follow up for Evidence of Import
July 12, 2005
11
33
Liberalisation of Export and Import procedures
February 28, 2007
12
34
Import of Goods of Value USD 100,000 and Less -Clarification on Follow up for Evidence of Import
March 2, 2007
13
63
Import of Equipments by BPO Companies in India for International Call Centre
May 25, 2007
14
77
Advance Remittance for Import of aircrafts / helicopters / other aviation related purchases
June 29, 2007
15
18
Direct Receipt of Import Bills / Documents – Liberalisation
November 7, 2007
16
37
Direct Receipt of Import Bills / Documents for Import of Rough Precious & Semi-Precious Stones
April 16, 2008
17
03
Advance Remittance for Import of Rough Diamonds
August 4, 2008
18
08
Advance
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2
29
83
Import of precious and semi precious stones- Clarification
February 20, 2013
30
103
Import of Gold by Nominated Banks/Agencies
May 13, 2013
31
107
Import of Gold by Nominated Banks/Agencies
June 4, 2013
32
122
Import of Gold by Nominated Banks/Agencies
June 27, 2013
33
15
Import of Gold by Nominated Banks /Agencies/Entities
July 22, 2013
34
39
Export import of Currency
September 6, 2013
35
70
Third party payments for export / import transactions
November 8, 2013
36
71
Advance Remittance for Import of Rough Diamonds
November 8, 2013
37
73
Import of Gold by Nominated Banks /Agencies/Entities
November 11, 2013
38
82
Import of Gold by Nominated Banks/Agencies/Entities
December 31, 2013
39
95
Merchanting Trade Transactions
January 17, 2014
40
100
Third party payments for export / import transactions
February 04, 2014
41
103
Import of Gold / Gold Dore by Nominated Banks /Agencies /Entities – Clarifications
February 14, 2014
42
115
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6, 2015
54
30
Advance Remittance for Import of aircrafts / helicopters /other aviation related purchases
November 26, 2015
55
42
Settlement of Export/ Import transactions in currencies not having a direct exchange rate
February 4, 2016
56
57
Import of Rough, Cut and Polished Diamonds
March 31, 2016
57
65
Import of goods- Import Data Processing and Monitoring System (IDPMS)
April 28, 2016
58
05
Import Data Processing and Monitoring System (IDPMS)
October 06, 2016
59
11[(1)/14(R)]
Foreign Exchange Management (Manner of Receipt and Payment) Regulations 2016
October 20, 2016
60
27
Evidence of Import under Import Data Processing and Monitoring System (IDPMS)
January 12, 2017
61
33
Import of goods and services- Extension of time limits for Settlement of import payment
May 22, 2020
62
04
Guidelines on import of gold by Qualified Jewellers as notified by – The International Financial Services Centers Authority (IFSCA)
May 25, 2022
63
13
Use of any Alterna
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(Guarantees) Regulations, 2026
January 12, 2026
1 Modified vide AP (DIR Series) Circular No.65 dated April 28, 2016 and AP (DIR Series) Circular No.5 dated October 06, 2016 prior to modification it read as ''Issue of acknowledgement”
2 Inserted vide AP (DIR) Series Circular 42 dated February 4, 2016
3 Modified vide AP DIR Series Circular No. 27 dated January 12, 2017 prior to modification it read as “Exchange Control Copy of the Bill of Entry”
4 Inserted vide AP DIR Series circular No.5 dated October 06, 2016
5 omitted
6 Inserted vide AP DIR Series Circular No.33 dated May 22, 2020
7 Modified. Prior to modification it read as “Deferred payment arrangements (including suppliers' and buyers' credit) upto five years, are treated as trade credits for which the procedural guidelines as laid down in the Master Circular for External Commercial Borrowings and Trade Credits may be followed.”
8 Inserted vide AP DIR Series circular No.65 dated April 28, 2016
9 Clarification: may be con
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s permitted under the Foreign Trade Policy announced by Government of India from time to time and subject to such terms and conditions as may be specified by Reserve Bank of India from time to time.
B.8.3 An authorised dealer may, in the ordinary course of his business, give a guarantee in favour of a non-resident service provider, on behalf of a resident customer who is a service importer, subject to such terms and conditions as stipulated by Reserve Bank of India from time to time:
Provided that no guarantee for an amount exceeding USD 500,000 or its equivalent shall be issued on behalf of a service importer other than a Public Sector Company or a Department / Undertaking of the Government of India / State Government:
Provided further that where the service importer is a Public Sector Company or a Department / Undertaking of the Government of India / State Government, no guarantee for an amount exceeding USD 100,000 or its equivalent shall be issued without the prior approval of t
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r No 07 dated June 13, 2025
17 Inserted vide AP (DIR Series) Circular No.65 dated April 28, 2016 and AP (DIR Series) Circular No.5 dated October 06, 2016
18 Inserted vide AP (DIR Series) Circular No. 13 dated September 28, 2021
19 Inserted vide AP (DIR Series) Circular No.65 dated April 28, 2016 and AP (DIR Series) Circular No.5 dated October 06, 2016
20 Inserted vide AP (DIR Series) Circular No.65 dated April 28, 2016 and AP (DIR Series) Circular No.5 dated October 06, 2016
21 Inserted vide AP (DIR Series) Circular No.65 dated April 28, 2016 and AP (DIR Series) Circular No.5 dated October 06, 2016
22 Inserted vide AP (DIR Series) Circular No.65 dated April 28, 2016 and AP (DIR Series) Circular No.5 dated October 06, 2016
23 Modified vide AP (DIR Series) Circular No.65 dated April 28, 2016 prior to modification it read as “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 p
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for goods imported and stored in Free Trade Warehousing Zone (FTWZ) or SEZ Unit warehouses or Customs bonded warehouses, etc.
(ii) In respect of imports on Delivery against acceptance basis, AD Category – I bank 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., AD bank may, if satisfied with the genuineness of request, allow reasonable time, not exceeding three months from the date of remittance, to the importer to submit the evidence of import.
25 Inserted vide AP (DIR Series) Circular No.65 dated April 28, 2016 and AP (DIR Series) Circular No.5 dated October 06, 2016
26 Inserted vide AP (DIR Series) Circular No.65 dated April 28, 2016 and AP (DIR Series) Circular No.5 dated October 06, 2016
27 Clarification: ORM not applicable for non physical imports
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ed vide AP (DIR Series) Circular No. 27 dated January 12, 2017 prior to modification it read as “(i) Internal inspectors or auditors (including external auditors appointed by AD Category – I bank) 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.
35 Modified vide AP (DIR Series) Circular No.65 dated April 28, 2016 prior to modification it read as “exceeding USD 100,000”
36 Modified. Prior to modification it read as “including issuing registered letters to the importer”
37 Modified. Prior to modification it read as” On operationalization of IDPMS, all outstanding import remittances, irrespective of the amount involved, will be reported into the system by banks and submission of a separate BEF statement would be discontinued from a date, to be notified separately”. which was modified vide AP (DIR Series) Circular No.65 dated April 28, 2016 prior to modific
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cument against Payment (DP) basis as per entitlement without any end use restrictions”.
Clarification: Import by such entities, if permitted under FTP shall be on Document against Payment (DP) basis.
41 Inserted vide A.P.(Dir Series) Circular No. 12 dated December 22, 2023.
42 Inserted vide A.P.(Dir Series) Circular No. 04 dated May 25, 2022.
43 Inserted vide A.P.(DIR Series) Circular No. 14 dated January 31, 2024
44 Inserted vide A.P.(DIR Series) Circular No. 57 dated March 31, 2016
45 Updated. Prior to updation it read as “AD banks may submit a half yearly report of such extensions allowed customer-wise, to the respective Regional Office of the Reserve Bank.”
46 Inserted vide A.P.(DIR Series) Circular No. 07 dated November 10, 2023
47 Revised guidelines on merchanting trade transactions issued vide A.P. (DIR Series) Circular No.20 dated January 23, 2020 in supersession of guidelines contained in A.P. (DIR Series) Circular No.115 dated March 28, 2014.
48 Inserted vide A.P. (D
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