Wednesday, June 29, 2011

Opening / Hiring of Ware houses abroad Under Automatic Route

Opening / Hiring of Ware houses abroad Under Automatic Route 
AD Category – I banks may consider the applications received from exporters and grant permission for opening / hiring warehouses abroad subject to the following conditions:
  1. Applicant's export outstanding does not exceed 5 per cent of exports made during the previous financial year.
  2. Applicant has a minimum export turnover of USD 100,000/- during the last financial year.
  3. Period of realisation should be as applicable.
  4. All transactions should be routed through the designated branch of the AD Banks.
  5. The above permission may be granted to the exporters initially for a period of one year and renewal may be considered subject to the applicant satisfying the requirement above.
  6. AD Category – I banks granting such permission/approvals should maintain a proper record of the approvals granted

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