Reserve Bank of India vide its Master Circular No. RBI/2013-14/13 dated July 1, 2013 issued to All Authorised Dealer Category – I banks and Authorised banks stated that:
Import of Goods and Services into India is being allowed in terms of Section 5 of the Foreign Exchange Management Act 1999 (42 of 1999), read with Notification No. G.S.R. 381(E) dated May 3, 2000 viz. Foreign Exchange Management (Current Account) Rules, 2000 as amended from time to time.
This Master Circular consolidates the existing instructions on the subject of “Import of Goods and Services” at one place. The list of underlying circulars consolidated in this Master Circular is furnished in Appendix
This Master Circular is being issued with a sunset clause of one year. This circular will stand withdrawn on July 1, 2014 and be replaced by an updated Master Circular on the subject.
SOURCE: RESERVE BANK OF INDIA
Disclaimer: please refer to official sources before effecting a decision.