The Reserve Bank of India (RBI) has allowed the option of third-party payments for export and import transactions. In a statement, it said, the aim is to further liberalise the procedure relating to payments for exports and imports. Banks are allowed payments for export of goods or software to be received from a third-party. The RBI said, they are also permitted to make payments to a third-party for import of goods. However, banks would have to follow certain conditions.Third-party refers to an entity other than the buyer or the seller.The apex bank said the procedure has been liberalised taking into account evolving international trade practices.Third-party transaction should take place through the banking channel and with a Financial Action Task Force-compliant country, RBI added.