RBI guidelines which every Importer need to read
Foreign Exchange Management Act 1999 (42 of 1999) allows import of goods and services as per Foreign Exchange Management (Current Account Transaction) Rules, 2000, vide Notification GSR 381E dated 03rd May, 2000. These Regulations are amended from time to time to incorporate the changes in the regulatory framework and published through amendment notifications. Within the contours of the Regulations, Reserve Bank of India also issues directions to Authorized Persons under Section 11 of the Foreign Exchange Management Act (FEMA), 1999. These directions lay down the modalities as to how the foreign exchange business has to be conducted by the Authorised Persons with their customers/constituents with a view to implementing the regulations framed.
According to RBI, 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.
The Import directions are updated till 31st May, 2022. The notifications and circular till date issued by the authorities are also updated separately in this web blog.
Click below links to know more about banking guidelines for Importers:
Banking process on Import of currencies not having direct exchange rates
Bank process on Import related payment through OPGSPs in India
Banking regulations to Merchant Importers in India
Bank process on Import factoring, import of precious metals, silver, platinum to India
How does Banks in India regulates by operating on import of Gold
Banking method to verify and preserve of documents under Imports in India
Bank operation process for IDPMS under import in India
Banking process on import documents received from buyer
RBI guidelines on payment under import of equipment by BPO
Import Invoice under Replacement, Bank accounting process in India
Is bank permission required to pay interest on Import bills?
Service Imports, Banking process on Advance remittance in India
Banking formalities to remit Aviation related purchases in India
Bank conditions on advance payment against Import of Rough Diamonds in India
Bank conditions to remit advance for import in India
Terms of Banker on Issue of Guarantee to Importer in India
Government condition on Third Party Payment for Import Transactions in India
Bringing Foreign Exchange into India, India government rules
Time Limit for Settlement of Import Payments, Bank regulations in India
Indian Bank regulations on Purchaser of Foreign Exchange
Banking regulations on Import of Goods and Services
Importing from India? Click here to read Bank regulations in India
Bank directions to be read by each Importer in India
The role of Reserve Bank of India
The Role of the International Chamber of Commerce (ICC)
Negotiation procedures and formalities of export bills
Non receipt of Cargo Arrival Notice, Can importer sue against shipping company
OBJECTIVES OF CUSTOMS CONTROL for EXPORT GOODS
OBL not released OBL not surrendered no telex release
Payment procedures in Triangular exports
Who is Stevedores
Who receives the amount of auctioned / resold imported unclaimed/un-cleared goods?
Why demurrage/detention waiver period is required at destination for import
Why do carriers balance weight and volume while charging freight amount in Exports?
Why does Palletization require?
Why labeling and marking in Export business?
The term FCL. What is FCL means
The term LCL. What does LCL mean?
Tips to exporters on Documentation
How does First Appraisement system of import customs clearance procedures work?
How does Letter of Credit work?
How does STP units work in India?