Easing procedures, the Reserve Bank of India, RBI, has allowed third-party payment for export and import transactions. The RBI said that with a view to further liberalise the procedure relating to payments for exports/imports, banks are allowed payments for export of goods/software to be received from a third-party.

It added, banks are also permitted to make payments to a third-party for import of goods. Third-party refers to an entity other than the buyer or the seller. The RBI said, the procedure has been liberalised taking into account evolving international trade practices. However, banks would have to follow certain conditions.