Refer to paragraph 20, chapter 7 of the Guidelines for Foreign Exchange Transactions-2018 (GFET) and subsequent circulars in terms of which Authorized Dealers (ADs) are, before initiating import transactions, required to verify prices of relative goods in terms of prevailing price in the international markets on the date of contracts and/or similar imports in contemporary period.

Given the prevailing global commodity market trends, ADs are advised to adhere to regulatory parameters for verification of import prices and price competitiveness. As usual, ADs shall comply with extended due diligence in import transactions and relevant regulations without limiting to provisions of Import Policy Order in force, credit reports of suppliers, KYC and AML/CFT standards, and so on.