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April 2012

A.P. (DIR Series) Circular No. 82, dated 21- 2-2012 — Release of foreign exchange for imports — Further liberalisation.

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Presently, advance towards imports up to US $ 500 or its equivalent can be issued for any current account transaction without any documentation formalities.

This Circular has increased that limit from US $ 500 or its equivalent to US $ 5,000 or its equivalent. Hence, advance towards imports can be made up to US $ 5,000 or its equivalent for any current account transaction without submitting any documents except for a simple letter containing basic information such as the name and address of the applicant, name and address of the beneficiary, amount to be remitted and the purpose of remittance and the application is accompanied by a cheque drawn on the applicant’s bank or demand draft.

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