RBI Permits Advance Remittance for import of shipping vessel up to US$ 50 Million without bank guarantee

The Reserve Bank of India (RBI) has stated in a latest notification that with a view towards enhancing ease of doing business and keeping in view the sector-specific constraints, it has been decided to allow importers to make advance remittance for import of shipping vessel, without bank guarantee, or an unconditional, irrevocable standby Letter of Credit, up to US$ 50 million, subject to the conditions mentioned by the central bank.

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