FORM A1 FOR IMPORT PAYMENT ONLY EPUB!
FORM A 1 (For Import Payment only.) Application for Remittance in Foreign Currency Amount Remitted Currency Equivalent to Rupees (To be completed by. Form A1. 7A Imports Financed in Rupees. 7A Import Licences for c.i.f. value . The entire payment relates to the cost of import of designs and drawings only. Time Limit for Settlement of Import Payments . (i) Send into India, without limit, foreign exchange in any form other than currency notes, bank notes and travellers cheques; amount not exceeding Rs, (Rupees twenty five thousand only). .. Form A1- Payments for Imports - Discontinuance thereof.
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Reserve Bank of India - Exchange Control Manual
Obligation of Purchaser of Foreign Exchange i In terms of Section 10 6 of the Foreign Exchange Management Act, FEMAany person acquiring foreign exchange is permitted to use it either for the purpose mentioned in the declaration made by him to an Authorised Dealer Category — I bank under Section 10 5 of the Act or to use it for any other purpose for which acquisition of foreign exchange is permissible under the said Act or Rules or Regulations framed there under.
In such cases also AD Category — I banks should ensure form a1 for import payment only with the instructions contained in sub-paragraphs i and ii above. Time limit for Normal Imports i In terms of the extant regulations, remittances against imports should be completed not later than six months from the date of shipment, except in cases where amounts are withheld towards guarantee of performance, etc.
Interest in respect of delayed payments, usance bills or overdue interest for a period of less than three years from the date of shipment may be permitted in terms of the directions in para C. Time Limit for Deferred Payment Arrangements Deferred payment arrangements, including suppliers and buyers credit, providing for payments beyond a period of six months from date of shipment up to a period of less than three years, are treated as trade credits for which the procedural guidelines laid down in the Master Circular for External Commercial Borrowings and Trade Credits may be followed.
Time Limit for Import of Books Remittances against import of books may be allowed without restriction as to the time limit, provided, interest payment, if any, is as per the instructions in para C.
Import of Indian Currency and Currency Notes i 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 Bhutancurrency notes of Form a1 for import payment only of India and Reserve Bank of India notes up to an amount not exceeding Rs.
Third Party Payment for Import Transactions AD banks are allowed to form a1 for import payment only payments to a third party for import of goods, form a1 for import payment only to conditions as under: AD bank should be satisfied with the bonafides of the transactions and should consider the Financial Action Task Force FATF statement before handling the transactions; The Invoice should contain a narration that the related payment has to be made to the named third party; Bill of Entry should mention the name of the shipper as also the narration that the related payment has to be made to the named third party; Importer should comply with the related extant instructions relating to imports including those on advance payment being made for import of goods.
Advance Remittance for Import of Goods i AD Category — I bank may allow advance remittance for import of goods without any ceiling subject to the following conditions: AD Category — I banks may frame their own internal guidelines to deal with such cases as per a suitable policy framed by the bank's Board of Directors.
Banks must ensure the following: The importer should be a recognised processor of rough diamonds and should have a good track record.
Form A1- For Import Payments only
AD Category - I banks should, undertake the transaction based on their commercial judgment and after being satisfied about the bonafides of the transaction. Advance payments should be made strictly as per the terms of the sale contract and should be made directly to the account of the company concerned, that is, to the ultimate beneficiary and not through numbered accounts or otherwise.
Further, due caution may be exercised form a1 for import payment only ensure that remittance is not permitted for import of conflict diamonds Kimberly Certification.
Accordingly, AD Category — I banks may allow advance remittance, without obtaining a bank guarantee or an unconditional, irrevocable Standby Letter of Credit, up to USD 50 million, for direct import of each aircraft, helicopter and other aviation related purchases.
Download Form A1- For Import Payments only file in doc format
The remittances for the above transactions shall be subject to the following conditions: KYC and due diligence exercise should be done by the AD Category-I banks for form a1 for import payment only Indian form a1 for import payment only entity and the overseas manufacturer company as well. Advance payments should be made strictly as per the terms of the sale contract and are made directly to the account of the manufacturer supplier concerned.
AD Category - I bank may frame their own internal guidelines to deal with such cases, with the approval of their Board of Directors. Physical import of goods into India is made within six months three years in case of capital goods from the date of remittance and the importer gives an undertaking to furnish documentary evidence of import within fifteen days from the close of the relevant period.
It is clarified that where advance is paid as milestone payments, the date of last remittance made in terms of the contract will be reckoned for the purpose of submission of documentary evidence of import.
In the event of non-import of aircraft and aviation sector related products, AD Category - I bank should ensure that the amount of advance remittance is immediately repatriated to India.
Prior approval of the concerned Regional Office of the Reserve Bank will be required in case of any deviation from the above stipulations.
Advance Remittance for the Import of Services AD Category — I bank may allow advance remittance for import of services without any ceiling subject to the following conditions: Interest on Form a1 for import payment only Bills i AD — Category — I bank may allow payment of interest on usance bills or overdue interest for a period of less than three years from the date of shipment at the rate prescribed for trade credit from time to time.