Returns & Statements
A.P. (DIR Series) (2000-2001) Circular No. 23, dated 30-12-2000
Attention
of authorised dealers is invited to paragraph 3 of A.D. (M.A. Series) Circular
No. 11 dated May 16, 2000, advising them to be guided by the provisions of the
Exchange Control Manual (1993 edition) regarding matters listed in Annexure V
of the circular, pending issue of further instructions. Accordingly, submission
of “Returns and Statements” is guided by the provisions contained in Chapter 16
of the Manual.
2. In terms
of paragraph 15(x) of the “Guide to authorised dealers for compilation of R
Returns”, a Supplementary statement of receipts, for purposes other than
exports, involving amounts equivalent to Rs. 1,00,000 and above is required to
be submitted with the R Return. It has now been decided that the cut-off limit
of Rs. 1,00,000 be raised to US $10,000. Accordingly, the “Supplementary
Statement of non-export Receipts” to be enclosed with R Returns for the
fortnight ending January 15, 2001 onwards, may be submitted for receipts
equivalent to US $10,000 and above.
3. Where
the amount of inward remittance exceeds US $10,000 of its equivalent, the
purpose of remittance, i.e. whether it represents transfer of capital, savings,
gift, profit, dividend etc. should be ascertained and reported in the
supplementary statement. The payment should not be delayed for want of this
information which may be obtained separately and furnished to the Reserve Bank
later.
4. With a
view to ensuring that credits to customers’ accounts for non-trade related
inward remittances are given promptly, it has been decided that Internal
Auditors/Inspectors of authorised dealers should certify that the credits to
beneficiaries’ accounts in case of personal remittances from outside India have
been given promptly by the branch; and in accordance with the prescribed rules
and regulations.
5. The
directions contained in this circular have been issued under section 10(4) and
section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Any
contravention or non-observance of these directions is subject to the penalties
prescribed under the Act.