Date:30/06/2007 URL: http://www.thehindu.com/2007/06/30/stories/2007063050731600.htm

Business

Aircraft import procedures eased

MUMBAI: Liberalising the procedure for import for the civil aviation sector, the Reserve Bank of India on Friday allowed airlines to make advance payment up to $50 million towards purchase of aircraft, helicopters and other aviation equipment.

The airlines, operating scheduled air transport services, can now make “advance remittance, without bank guarantee or an unconditional, irrevocable standby letter of credit, up to $50 million, for direct import of each aircraft/helicopter/ other aviation related purchases,” the RBI said in a notification here.

KYC norms

The central bank has also asked the authorised dealer banks to undertake the transactions after following the Know Your Customer guidelines with respect to the Indian importer and the overseas manufacturer. — PTI