December 04, 2020
To,
All Category – I Authorised Dealer Banks
Madam / Sir,
External Trade – Facilitation – Export of Goods and Services
Please refer to the Statement on Development and Regulatory Polices announced as part of Bi-monthly Monetary Policy Statement dated December 4, 2020. With a view to further enhance the ease of doing business and quicken the approval process, it has been decided to delegate more powers to the Authorised Dealer Category – I banks (AD banks) in the following areas:
1. Direct Dispatch of Shipping Documents
1.1 In terms of Paragraph 2 of A. P. (DIR Series) Circular No. 6 dated August 13, 2008, ADbanks have been allowed to regularise cases of dispatch of shipping documents by the exporter direct to the consignee or his agent resident in the country of the final destination of goods, up to USD 1 million or its equivalent per export shipment.
1.2 With a view to simplify the procedure, it has been decided to do away with the limit of USD 1 million per export shipment.
1.3 Accordingly, AD banks may regularize such direct dispatch of shipping documents irrespective of the value of export shipment, subject to following conditions:
a) The export proceeds have been realized in full except for the amount written off, if any, in accordance with the extant provisions for write off.
b) The exporter is a regular customer of AD bank for a period of at least six months.
c) The exporter’s account with the AD bank is fully compliant with Reserve Bank’s extant KYC / AML guidelines.d) The AD bank is satisfied about the bonafides of the transaction
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http://bit.ly/Rbi-External-Trade-Facilitation-Export-of-Goods-and-Services