With an aim to resolve the difficulties faced by exporters and importers, the Reserve Bank of India (RBI) has liberalised the third party payment norms for import of goods by removing the ceiling of $100,000. Earlier, the amount of third party payment import transaction was capped at $100,000.
The apex bank also simplified certain documentation norms related with third party payments for exports and imports transactions. The RBI further noted that firm irrevocable order backed by a tripartite agreement for overseas transactions may not be insisted upon in certain cases by banks.
RBI further stated that third party payment made to a Financial Action Task Force (FATF) compliant country should be through the banking channel only. Further, concerned bank should be satisfied with the bona-fides of the transaction and export documents, such as, invoice and should also consider the FATF statements while handling such transaction.
The apex bank also simplified certain documentation norms related with third party payments for exports and imports transactions. The RBI further noted that firm irrevocable order backed by a tripartite agreement for overseas transactions may not be insisted upon in certain cases by banks.
RBI further stated that third party payment made to a Financial Action Task Force (FATF) compliant country should be through the banking channel only. Further, concerned bank should be satisfied with the bona-fides of the transaction and export documents, such as, invoice and should also consider the FATF statements while handling such transaction.
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