According to the RBI guidelines, “Processing of import-related payments through OPGSP AD Category-l banks have been permitted to offer the facility of payment for imports of goods and software of value not exceeding USD 2,000 by entering into standing arrangements with the cross-border payments subject to the following:
- The balances held in the Import Collection account shall be remitted to the respective overseas exporter’s account immediately on receipt of funds from the importer and, in no case, later than two days from the date of credit to the collection account.
- The AD Category –I bank will obtain a copy of the invoice and airway bill from the OPGSP containing the name and address of the beneficiary as evidence of import and report the transaction in R-Return under the foreign currency payment head.
- The permitted credits in the OPGSP Import Collection account will be:
- collection from Indian importers for online purchases from overseas exporters electronically through credit card, debit card and net banking and
- charge back from the overseas exporters.
- The permitted debits in the OPGSP Import Collection account will be:
- payment to overseas exporters in permitted foreign currency;
- payment to Indian importers for returns and refunds;
- payment of commission at rates/frequencies as defined under the contract to the current account of the OPGSP
- bank charges
Updated 4 months ago