FEMA - Import of Goods into India - Applications in Form A-1
PERSONS, firms and companies must make applications in Form A-1 for making payments, exceeding USD 5,000 or its equivalent towards imports into India.
To further liberalise and simplify the procedure, RBI has decided to dispense with the requirement of submitting request in Form A-1 to the AD Category -I Banks for making payments towards imports into India. Banks may however, need to obtain all the requisite details from the importers and satisfy about the bonafides of the transactions before effecting the remittance.
RBI Circular No. 76/RBI., Dated: February 12, 2015