Master Circular on Import of Goods and Services
The Reserve Bank of India (RBI) has issued a master circular on the import of goods and services, effective July 02, 2012, and updated as on October 05, 2012.
The circular provides general guidelines for imports, including the requirement of Form A-1 for imports exceeding USD 5000, and the need for import licenses.
It outlines the obligations of purchasers of foreign exchange, including the time limit for settlement of import payments, which varies depending on the type of import.
The circular also covers operational guidelines for imports, including advance remittance for the import of goods, rough diamonds, aircrafts/helicopters, and other aviation-related purchases.
Additionally, it addresses the import of foreign exchange into India and the import of Indian currency and currency notes.
The circular aims to provide a comprehensive framework for the import of goods and services in India.
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