RBI/2025-26/55
A.P. (DIR Series) Circular No. 07

June 13, 2025

All Authorised Dealer Category-I banks

Madam / Sir,

Import of Shipping Vessel - Relaxation

Attention of Authorised Dealer (AD) Category - I banks is invited to Para C.1 of Master Direction – Import of Goods and Services (MD-Imports) dated January 01, 2016.

2. With a view towards enhancing ease of doing business and keeping in view the sector-specific constraints, it has been decided to allow importers to make advance remittance for import of shipping vessel, without bank guarantee, or an unconditional, irrevocable standby Letter of Credit, up to USD 50 million, subject to the conditions mentioned in para-C.1.3.3 of MD-Imports, as applicable.

3. AD banks may bring the contents of this circular to the notice of their constituents concerned.

4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the FEMA, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(N. Senthil Kumar)
Chief General Manager