Regulatory Alerts2015-11-01
Added · Updated
FEPD Circular Letter No. 25: Inward remittance against export of services in non-physical form
Inward remittances up to USD 10,000 or equivalent against service exports may be credited to service exporters' accounts without requiring a declaration on Form C. Authorized Dealers must verify the bona fide nature of these transactions by noting the relevant SWIFT message and contacting beneficiaries via email if required information is unavailable. This clarification updates previous instructions regarding Form C declarations, which remain mandatory for remittances exceeding this threshold.
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