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July 2013

A. P. (DIR Series) Circular No. 109 dated June 11, 2013

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Processing and Settlement of Export related receipts facilitated by Online Payment Gateways – Enhancement of the value of transaction

Presently, banks can offer facility to repatriate export related remittances by entering into standing arrangements with Online Payment Gateway Service Providers (OPGSP) for export of goods and services for value not exceeding US $ 3,000 per transaction.

This circular has increased this limit from US $ 3,000 to US $ 10,000 per transaction. Hence, banks can now offer facility to repatriate export related remittances by entering into standing arrangements with Online Payment Gateway Service Providers (OPGSP) for export of goods and services for value not exceeding US $ 10,000 per transaction.

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