Foreign Exchange Import Regulations in India

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What should AD Category – I banks follow while opening letters of credit for import into India?

Income Tax Act regulations

Reserve Bank regulations

Normal banking procedures

UCPDC provisions (correct)

Which Act should be complied with for import of drawings and designs according to the text?

Uniform Customs and Practices for Documentary Credits

Research & Development Cess Act, 1986 (correct)

Income Tax Act

Foreign Exchange Management Act

Where should any reference to the Reserve Bank first be made as per the text?

Regional Office of the Foreign Exchange Department (correct)

Customs Office

Income Tax Office

Local bank branch

What should AD Category – I banks follow in the absence of specific regulations according to the text?

Normal trade practices Signup and view all the answers

What is the limit for bringing foreign exchange into India without making a declaration to the Custom Authorities?

USD 10,000 Signup and view all the answers

What forms of foreign exchange can be sent into India without limit?

Currency notes, bank notes, travellers cheques Signup and view all the answers

If a person resident in India goes on a temporary visit outside India (other than Nepal and Bhutan), what Indian currency can they bring back?

Currency notes of Government of India and Reserve Bank Signup and view all the answers

What must a person do on arrival in India with foreign exchange above a certain limit?

Make a declaration to the Custom Authorities Signup and view all the answers

What is the maximum amount of currency notes an individual can bring into India from Nepal or Bhutan?

Rs.25,000 Signup and view all the answers

Under what condition may the requirement of a firm irrevocable purchase order/tripartite agreement not be insisted upon for import transactions?

If circumstances leading to third party payments are documented Signup and view all the answers

What factor should AD banks consider before handling import transactions payments to a third party?

Financial Action Task Force (FATF) Statement Signup and view all the answers

What information should the Invoice and Bill of Entry contain for import transactions involving third party payments?

Narration stating the payment should go to the named third party Signup and view all the answers

What is the purpose of the declaration made by a person acquiring foreign exchange to an Authorised Dealer Category – I bank under Section 10(5) of FEMA?

To permit the use of foreign exchange for any purpose mentioned in the declaration or permissible under the Act Signup and view all the answers

What evidence is required by the AD Category – I bank when foreign exchange is utilized for import of goods into India?

Customs Assessment Certificate Signup and view all the answers

Under what circumstances can a person resident in India make payment for import of goods in foreign exchange through an international card?

If the transaction is in accordance with the Foreign Trade Policy and other provisions Signup and view all the answers

What is the responsibility of the AD Category – I bank regarding import remittances outstanding on the notified date of IDPMS?

Ensuring all outstanding remittances are uploaded in IDPMS Signup and view all the answers

Who should sign the charge slip for payment in foreign exchange for import of goods through an international credit card?

Importer only Signup and view all the answers

What document was previously required but modified to be furnished to an AD Category – I bank for utilizing foreign exchange for import of goods into India?

'Exchange Control Copy of the Bill of Entry' Signup and view all the answers