Advance Remittance for Import of Goods – Liberalisation

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..... egory-I) banks is invited to A. P. (DIR Series) Circular No.106 dated June 19, 2003, A. P. (DIR Series) Circular No.15 dated September 17, 2003 and A.P. (DIR Series) Circular No.09 dated August 21, 2008 in terms of which AD Category I banks are required to obtain an unconditional, irrevocable standby Letter of Credit (LC) or a guarantee from an international bank of repute situated outsi .....

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..... y LC/ bank guarantee for advance remittance up to USD 5,000,000 or its equivalent, where the AD Category I bank is satisfied about the track record and bonafides of the importer based on their internal Board approved policy, contained in A.P. (DIR Series) Circular No. 09 dated August 21, 2008, shall remain unchanged. 4. Authorised Dealers may bring the contents of this circular to the notice o .....

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