Importers have now been permitted by RBI to open an additional special current Account with their authorized dealer (AD) banks for the settlement of import transactions. This facility was previously available only for settlement of export related transactions.
Source: Foreign Exchange Department Circular No. 11 dated 11 June 2024
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This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.
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