The Presidents/Chief Executives of all

Authorized Dealers in Foreign Exchange

Dear Sir/Madam,

Amendments in Instructions regarding Advance Payment against Imports

1. Attention of Authorized Dealers is invited to EPD Circular Letter No. 12 dated November 12, 2019 and EPD Circular Letter No. 18 dated December 12, 2019 containing instructions regarding advance payment against import.
2. It has been decided to modify the above advance payment instructions as under:

Authorized Dealers are allowed to effect advance payment up to USD 10,000/-, or equivalent thereof, per invoice on behalf of manufacturing/industrial concerns and commercial importers for import of raw material, spare parts and machinery for ultimate use by the manufacturing/industrial concerns.

Authorized Dealers are allowed to effect import advance payment against irrevocable letter of credit, up to 100% of the value of letter of credit, for import of plant, machinery, spare parts and raw material etc. on behalf of manufacturing concerns for their own use only.

3. All other instructions on the subject shall remain unchanged.
4. Authorized Dealers are advised to ensure meticulous compliance of the above instructions.