Export of Goods and Services - Receipt of advance payment for export of goods Involving shipment (manufacture and ship) beyond one year .

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..... export of goods Involving shipment (manufacture and ship) beyond one year Attention of Authorised Dealer Category I (AD Category I) banks is invited to the sub-regulation (2) of Regulation 16 of the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 , notified vide Notification No.FEMA.23/RB-2000 , dated 3rd May 2000, as amended from time to time, in terms .....

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..... e with the Anti Money Laundering standards has been ensured; iii. the AD Category-I bank should ensure that export advance received by the exporter should be utilized to execute export and not for any other purpose i.e., the transaction is a bona-fide transaction; iv. progress payment, if any, should be received directly from the overseas buyer strictly in terms of the contract; .....

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..... gory - I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 5. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any law. Yours faithfully, (Rashmi Fauzdar) .....

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