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Category-I banks may allow repayment of such loans to NRE / Pakistan, Bangladesh, Sri Lanka, Afghanistan, Iran or China,
remittance in foreign exchange through normal banking general permission have been granted to a foreign entity for
channels or by debit to the NRE / FCNR(B) account of the setting up a Project office in India, subject to certain conditions.
lender and the lender is eligible to open NRE / FCNR(B) account
It is clarified that the general permission accorded in terms of
within meaning of the Foreign Exchange Management
the November 15, 2003 guidelines is subject to the adherence
(Deposit) Regulations, 2000 notified vide Notification No.
to the provisions of Regulation 4 of Notification No. FEMA 22
FEMA 5/2000-RB dated May 3, 2000, as amended from time to
2
/2000-RB dated 3rd May 2000, ibid, alongwith their specified established in India in accordance with the Foreign Exchange
Release of Foreign Exchange for Imports other place of business, excluding a liaison office, acquires any
of said regulation, the said person has to file with the Reserve
Bank a declaration in the form IPI annexed to those regulations,
In terms of A.P.(DIR Series) Circular No. 106 dated June 19,
not later than ninety days from the date of such acquisition. As
2003 applications by persons, firms and companies for making
the form is required to be submitted by such persons only, the
payments, exceeding USD 500 or its equivalent towards
form is suitably amended to reflect the position.
imports into India must be made in Form A-1. It has been
decided as a measure of liberalization to raise the above limit It is clarified that the extant regulations do not prescribe any
for foreign exchange remittance towards imports without any reporting requirements for transactions where a person
documentation formalities, from USD 500 or its equivalent to resident outside India who is a citizen of India or a Person of
USD 5000 or its equivalent, with immediate effect. Indian Origin (PIO) as defined in Regulation 2(c) of Notification
Regulation 5 of Notification No. FEMA 21/2000-RB viz. Foreign For amended form click here
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Export of Goods and Services - Receipt of
advance payment for export of goods Involving
shipment (manufacture and ship) beyond one
year
2000, dated 3rd May 2000, prior approval of the Reserve Bank
is required to be obtained by an exporter for receipt of advance
where the export agreement provides for shipment of goods
conditions:-
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i) KYC and due diligence exercise by the AD Category I bank
Reserve Bank.
5
External Commercial Borrowings (ECB) for (vi) industrial parks,
Infrastructure facilities within National
(vii) urban infrastructure (water supply, sanitation and
Manufacturing Investment Zone (NMIZ)
sewage projects),
As per Foreign Exchange Management (Borrowing or Lending (viii) mining, refining and exploration and
(i) power,
Keeping in view the infrastructural needs of the proposed
(iv) road including bridges, facilities within the NMIZ, as indicated above.
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