Advance Remittance for Import of aircrafts /helicopters / other aviation related purchases

While allowing advance remittance by AD 1 banks, without Bank Guarantee or unconditional irrevocable Standby Letter of Credit up to USD 50 million, the approval of Ministry of Civil Aviation will no longer be required.

Based on RBI Circular dt 26/11/15. Please visit www.rbi.org.in for any further clarification if required…..   Poppy