RBI ALLOWED THIRD PARTY PAYMENT FOR EXPORT AND IMPORT TRANSACTIONS The Reserve Bank of India (RBI) on 8 November 2013 has allowed third party payment for the export and import transactions. The procedure relating to payments for exports or imports was liberalized taking into account the evolving international trade procedure. Banks are allowed to receive the payments for export of goods/software from the third party. The order of RBI also permits the banks to make payments to the third party for imports of goods. The third party refers to an entity other than the buyer or the seller. The procedure was liberalised taking into account the evolving international trade practices. - See more at: jagranjosh/current-affairs/rbi-allowed-thirdparty-payment-for-export-and-import-transactions-1383978300-1#sthash.n5J3tYz7.dpuf
Posted on: Mon, 11 Nov 2013 15:04:15 +0000
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