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-COPY OF-
RBI CIRCULAR
RBI/2005 - 06/49
A. P. (DIR Series) Circular No. 01
Dated 12th July, 2005
Import of Goods of Value USD 100,000 and Less - Clarification on Follow up for Evidence of Import
References have been received from ADs regarding follow up of submission of evidence of import where the amount of remittance is USD 100,000 or less. It is clarified that ADs need not follow up submission of evidence of import involving amount of USD 100,000 or less provided they are satisfied about the genuineness of the transaction and the bonafides of the remitter. A suitable policy may be framed by the bank's Board of Directors and the ADs may set their own internal guidelines to deal with such cases.
Issued by:
Reserve Bank of India
Exchange Control Department
Mumbai.