{"id":936,"date":"2015-02-13T00:00:00","date_gmt":"2015-02-12T18:30:00","guid":{"rendered":""},"modified":"2015-12-30T14:57:46","modified_gmt":"2015-12-30T09:27:46","slug":"rbi-waived-the-requirement-of-submitting-form-a-1","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/exim\/rbi-waived-the-requirement-of-submitting-form-a-1\/","title":{"rendered":"RBI waived the requirement of submitting Form A-1"},"content":{"rendered":"

RBI\/2014-15\/467
A. P. (DIR Series) Circular No.76<\/p>\n

February 12, 2015<\/strong><\/p>\n

To<\/p>\n

All Category-I Authorised Dealer Banks<\/p>\n

Madam \/ Sir,<\/p>\n

Foreign Exchange Management Act, 1999 \u2013 Import of Goods into India<\/p>\n

Attention of Authorised Dealer Category \u2013 I (AD Category \u2013 I) banks is invited to the A.P.(DIR Series) Circular No. 82 dated February 21, 2012<\/a> in terms of which applications by persons, firms and companies for making payments, exceeding USD 5,000 or its equivalent towards imports into India must be made in Form A-1.<\/p>\n

2. To further liberalise and simplify the procedure, it has been decided to dispense with the requirement of submitting request in Form A-1 to the AD Category \u2013I Banks for making payments towards imports into India. AD Category \u2013I may however, need to obtain all the requisite details from the importers and satisfy itself about the bonafides of the transactions before effecting the remittance.<\/p>\n

3. AD Category \u2013 I banks may bring the contents of this circular to the notice of their constituents and customers concerned.<\/p>\n

4. The directions contained in this circular have been issued under Section 10 (4) and Section 11 (1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions \/ approvals, if any, required under any other law.<\/p>\n

Yours faithfully,<\/p>\n

(C. D. Srinivasan)
Chief General Manager<\/p>\n","protected":false},"excerpt":{"rendered":"

RBI\/2014-15\/467A. P. 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