Import of Value USD 100,000 and Less -no Follow up for Evidence of Import
The Reserve Bank has clarified that Authorised Dealer Banks need not follow up submission of evidence of import involving amount of USD 100,000 or less provided they are satisfied about the genuineness of the transaction and the bonafides of the remitter. The Banks may set their own internal guidelines to deal with such cases.
RBI CIRCULAR NO 01, Dated: July 12, 2005