Brief Overview:
In-line with paragraph C.1.3.3 of the Master Direction – Import of Goods and Services dated 1st January 2016, the Reserve Bank of India has now allowed importers to make advance remittance for import of shipping vessels without bank guarantee, or an unconditional, irrevocable standby Letter of Credit up to USD 50 million.
For further details, please see:
Reserve Bank of India – Notifications
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