PROCESSING AND SETTLEMENT OF EXPORT RELATED RECEIPTS FACILITATED BY
ONLINE PAYMENT GATEWAYS – ENHANCEMENT OF THE VALUE OF TRANSACTION
A.P. (DIR SERIES 2012-13) CIRCULAR NO. 109, DATED 11-6-2013
Attention
of Authorised Dealer Category 1 (AD Category – 1) banks is invited to
the A.P. (DIR Series) Circular No. 35, dated October 14, 2011 in terms
of which AD Category I banks have been permitted to
offer the facility
to repatriate export related remittances by entering into standing
arrangements with Online Payment Gateway Service Providers (OPGSPs) for
export of goods and services for value not exceeding USD 3000 per
transaction, subject to the conditions stipulated therein.
2. The
present instructions have been reviewed in the context of requests
received for suitable enhancement of the value of the transaction from
USD 3000. Accordingly, it has now been decided to increase the value per
transaction from USD 3000 to USD 10,000 for export related remittances
received through OPGSPS. The revised limit will come into force with
immediate effect.
3. All other terms and conditions issued, vide A.P.
(DIR Series) Circular No. 17, dated November 16, 2010, shall remain
unchanged.
4. AD Category – I banks may bring the contents of this circular to the notice of their constituents and customers concerned.
5.
Reserve Bank has since amended the Regulations vide Notification
No.FEMA.274/2013-RB, dated April 26, 2013 and notified vide
G.S.R.No.343(E) dated May 29, 2013.
6. The directions contained in
this circular have been issued under section 10(4) and section 11(1) of
the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are
without prejudice to permissions/approvals, if any, required under any
other law.