DIRECT RECEIPT OF IMPORT BILLS / DOCUMENTS LIMIT ENHANCED

AD Category – I banks may make remittances for imports, where the import bills / documents have been received directly by the importer from the overseas supplier and the value of import bill does not exceed USD 300,000, subject to the following conditions :

• Prevailing Foreign Trade Policy.
• Bonafides of the transactions.
• KYC / AML guidelines
• Due diligence about the financial standing / status and track record of the importer customer.
• It is customary in that trade to receive import documents directly from the overseas exporter.
• In case the AD Category – I bank has suspicions about the genuineness of the transaction, it should be reported through the Suspicious Transaction Report (STR) to FIU_IND (Financial Intelligence Unit in India).