Master Direction – Import of Goods and Services Flashcards
A person may bring into India from any place outside India, without limit, foreign exchange (other than unissued notes), subject to the condition ……………………..
that such person makes, on arrival in India, a declaration to the Custom Authorities at the Airport in the Currency Declaration Form (CDF) annexed to these Regulations
A person may send Foreign exchange in any form other than …………………………….. to India without limit.
currency notes, bank notes and travellers cheques
However Declaration may not be required if the aggregate value brought in is …………….
bank notes or travellers cheques brought in by such person at any one time does not exceed USD 10,000 or its equivalent and/or the aggregate value of foreign currency notes (cash portion) alone brought in by such person at any one time does not exceed USD 5,000 or its equivalent.
Any person resident in India who had gone out of India on a temporary visit, may bring into India at the time of his return from any place outside India (other than from Nepal and Bhutan) up to an amount not exceeding ……………………… and If he is coming from Nepal or Bhutan than there is no limit on amount but the denomination should not be more than Rs. ………..
Rs.25,000, 100
Limit for Advance Remittance for Import of Goods?
Upto USD 200,000 or its equivalent above this amount an unconditional, irrevocable standby Letter of Credit or a guarantee from an international bank of repute situated outside India or a guarantee of an AD Category – I bank in India, is required. But, if the bank is satisfied about the track record and bonafides of the importer, the requirement of the bank guarantee / standby Letter of Credit may not be insisted upon for advance remittances up to USD 5 Million
Limit for Advance Remittance for Import of Goods/ Services if the importer is Public Sector Company or a Department / Undertaking of the Government of India / State Government?
Upto USD 100,000 above which prior approval from Ministry of Finance, Government of India is required
Advance Remittance for Import of Aircrafts/Helicopters and other Aviation Related Purchases
Upto USD 50 Million
Limit for Advance Remittance for Import of Services
Upto USD 500,000 or its equivalent above this amount an unconditional, irrevocable standby Letter of Credit or a guarantee from an international bank of repute situated outside India or a guarantee of an AD Category – I bank in India, is required
Ideally import bills are to received by importer banks from suppliers bank instead of receiving it from importer directly, however, this condition is waived if the amount of bills is below ………..
USD 300,000/-
