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Given below is a RBI Circular which requires submission of CA certificate to the banker even in respect of import payments (A1 payments).
Going forward, businessmen now have to provide their banker with a CA certificate for import payments as well.
A. P. (DIR Series)CIRCULAR NO03/RBI., Dated: July 19, 2007
Subject:- Remittances to non-residents – Deduction of tax at source
Chief General Manager