RBI liberalises payment norms for export and import

The Reserve Bank today liberalized the third party payment norms for import of goods by removing the ceiling of $100,000. Earlier, the maximum amount of an import transaction for third party payment was $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 $100,000 eligible for...