AP (DIR Series) (2002-2003) Circular No.15, dated 9-9-2002
Attention
of authorised dealers is invited to paragraph A.17(ii) & (iv) of the
Annexure to AP (DIR Series) Circular No.9 dated August 24, 2000, in terms of which
in case of all imports, except import through couriers, where value of foreign
exchange remitted/paid for import into India exceeds USD 5,000 or its
equivalent, it is obligatory on the part of the authorised dealers through whom
the relative remittance was made to ensure that the importer submits the
documentary evidence prescribed therein.
2. It has now
been decided to enhance the amount of USD 5,000 prescribed in paragraph 17(ii)
& (iv) referred to above to USD 25,000 for all imports made into India
through Post or otherwise. Consequent upon this change, authorised dealers
should ensure rigorous follow-up for non-submission of documentary evidence as
prescribed in paragraph A.18.A(i) of the circular referred to above in respect
of remittances involving foreign exchange exceeding USD 25,000. Henceforth
the authorised dealers should forward to Reserve Bank a statement on
half-yearly basis as at the end of June and December of every year, in Form BEF
furnishing details of import transactions, exceeding USD 25,000 as prescribed
in paragraph A.18(ii) of the circular ibid.
3. Similarly,
where the amount of foreign exchange remitted for import is less than USD
1,00,000 or its equivalent, authorised dealers may accept, either Exchange
Control copy of Bill of Entry for home consumption or a certificate from the
Chief Executive Officer (CEO) or Auditor of the Company that the goods for
which remittance was made have actually been imported into India, provided :
(i) the
importer is a company listed on a stock exchange in India and whose net worth
is not less than Rs.100 crores as on the date of last audited balance sheet.
OR
(ii) the
importer is a Public Sector Company or an Undertaking of the Government of
India or its Departments.
4. Authorised
Dealers may bring the contents of this circular to the notice of their
constituents concerned.
5. The
directions contained in the circular have been issued under section 10(4) and
section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).