through the same AD bank. It may, however, be ensured that any such advance payment for the import leg beyond USD 200,000/- per transaction, the same should be paid against bank guarantee / LC from an international bank of repute except in cases and to the extent where payment for. S P keeps idbi Bank ratings on CreditWatch with negative. Accordingly, it has been decided to issue revised guidelines as under: For a trade to be classified as merchanting trade following conditions should be satisfied ; Goods acquired should not enter the Domestic Tariff Area and. If it is observed that the concerned AD category I bank has failed to carry out the measures as outlined above, Reserve Bank of India may proceed against the defaulting bank under section 11(3) of fema, 1999 and take any action as may be deemed. Madam/ Sir, Overseas forex trading through electronic / internet trading portals. The merchanting traders have to be genuine traders of goods and not mere financial intermediaries.
P0108, goods sold under merchanting /receipt against export leg of merchanting trade. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned. Global rating agency S P on Thursday said that its BB long-term and. AFP, if it is observed that the bank concerned has failed tocarry out the measures as outlined above, RBI may proceedagainst the defaulting bank, it said. UTI Asset Management Company (AMC) has initiated the process for. Most of the forex trading through portals are done on amargining basis with huge leverage or on an investment basis, where the returns are based on forex trading. Srinivasan chief General Manager). Reporting for merchanting trade transactions for compilation of R-return should be done on gross basis, against the undernoted codes: Trade, purpose Code under feters, description, export. Tamilnad Mercantile Bank Founders Day, s Gurumurthy, non-official Director of the RBI, emphasised the importance. In view of suggestions received from merchanting traders and trade bodies, the guidelines on merchanting trade transactions have been further reviewed. Some banking customers continue to undertake onlinetrading in foreign exchange on portals or websites offeringsuch schemes wherein they remit funds from Indian bankaccounts using credit cards or other electronic channels tooverseas websites or entities, the central bank observed. September 17, 2013, to, all Category - I Authorised Dealer Banks.
Rbi notification on forex trading