Payments in retirement of bills drawn under letters of credit as well as bills received from abroad for collection against imports into India, must be received by authorised dealers, irrespective of amount, by debit to the account of the importer with themselves or by means of a crossed cheque drawn by him on his other bankers. Payments against bills should not be accepted in cash. This rule also applies to private imports where the amount involved is Rs.20,000/- or more.