RBI liberalises third party payment norms for export/import

Tags: News
The Reserve Bank today liberalised the third party payment norms for import of goods by removing the ceiling of USD 100,000.

Earlier, the amount of an import transaction for third party payment should not have exceed USD 100,000.

The central bank also simplified certain documentation norms related with third party payments for export and import transactions.

"... With a view to liberalising the procedure, the limit of USD 100,000 eligible for third party payment for import of goods, stands withdrawn," the RBI said in a notification.

The RBI further said the condition "firm irrevocable order backed by a tripartite agreement should be in place" for overseas transactions may not be insisted upon in certain cases by banks.

This has been done in view of the difficulties faced by exporters and importers, it said.

Third party payment could be made to a Financial Action Task Force (FATF) compliant country and through the banking channel only.

RBI said the bank concerned should be satisfied with the bona-fides of the transaction and export documents, such as, invoice and they should consider the FATF statements while handling such transaction.


  • Modi must clearly say that preservation of cows is not about manslaughter

    Instead of in-fighting between hindus and muslims, India should fight poverty and maintain its values of diversity and tolerance, as advised by Presid


Stay informed on our latest news!


Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs


Urs Schoettli

America lacks will to contain China

Recently both the Chinese leader Xi Jinping and Indian prime ...

Zehra Naqvi

Exercise gets creative juices flowing

Ever known that feeling of being sluggish and drowsy, of ...

Bubbles Sabharwal

You are what you believe yourself to be

The Gita says a man is what his shraddha is. ...


William D. Green

Chairman & CEO, Accenture