A.P. (DIR Series) Circular No. 109
June 11, 2013
All Category – I Authorised Dealer Banks
Madam / Sir,
Processing and Settlement of Export related receipts facilitated by
Online Payment Gateways – Enhancement of the value of transaction
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.
Chief General Manager