Banking News

Now on wards submission of Form A-1 is dispensed with for import of goods to India

According to  earlier RBI Circular [A.P.(DIR Series) No. 82 dated February 21, 2012] any persons, firms and companies for making payments, exceeding USD 5,000 or its equivalent towards imports into India,  application for such payment  must be made in Form A-1. 

RBI communique today (dated 13.02.2015) said that in order 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 –I Banks for making payments towards imports into India.

AD Category –I 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.

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