IMPORTS INTO INDIA - DIRECT RECEIPT OF
IMPORT BILLS/DOCUMENTS - LIBERALISATION
A.P. (DIR Series) (2003-04) Circular No. 66, dated 6-2-2004
Imports into India - Direct Receipt of Import Bills/Documents - Liberalisation
Attention of Authorised Dealers is invited to
paragraph A.12 of the Annexure to A.P. (DIR Series) Circular No. 106 dated June
19, 2003 permitting Authorised Dealers to make remittances in respect of
certain import bills/documents which have been directly received by the
importers from the overseas suppliers.
2. With a view to simplifying and liberalising the
procedure for imports, it has been decided to raise the prescribed limits of US
D 10,000 and US D 25,000 for such direct receipt of import bills/documents
under the facility, mentioned at paragraph A.12 of the said circular, uniformly
to US D 100,000 or its equivalent. A table containing the eligible import
bills/documents covered by this circular indicating the original and revised
position is annexed for ready reference.
3. Authorised Dealers may bring the contents of this
circular to the notice of their constituents concerned.
4. The directions contained in this circular have been
issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act,
1999 (42 of 1999).
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Original |
Revised |
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Paragraph
A-12 of
A.P. (DIR Series) Circular No.106 dated June 19, 2003 |
Paragraph
A-12 of
A.P. (DIR Series) Circular No. 106 dated June 19, 2003 revised vide A.P.
(DIR Series) Circular No. 66 dated February 6, 2004 ——————————————————————————————————————————————————————— |
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Receipt of
import Bills/Documents |
Receipt of import Bills/Documents |
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(i) |
Import bills
and documents should be received from the banker of the supplier by the
banker of the importer in India. Authorised dealers should not, therefore,
make remittances where import bills have been received directly by the
importers from the overseas supplier, except in the following cases: |
(i) |
Import bills and documents should be received from
the banker of the supplier by the banker of the importer in India. Authorised
dealers should not, therefore, make remittances where import bills have been
received directly by the importers from the overseas supplier, except in the
following cases: |
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(a) |
Where the
value of import bill does not exceed US D 10,000. |
(a) |
Where the value of import bill does not exceed US D
100,000. |
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(b) |
Import bills
received by wholly-owned Indian subsidiaries of foreign companies from their
principals. |
(b) |
Import bills
received by wholly-owned Indian subsidiaries of foreign companies from their
principals. |
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(c) |
Import bills
received by Super Star Trading Houses, Star Trading Houses, Trading Houses,
Export Houses,100% Export Oriented Units/Units in Free Trade Zones, Public
Sector Undertakings and Limited Companies. |
(c) |
Import bills received by Super Star Trading Houses,
Star Trading Houses, Trading Houses, Export Houses,100% Export Oriented
Units/Units in Free Trade Zones, Public Sector Undertakings and Limited
Companies. |
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(d) |
Where the
value of import bill does not exceed US D 25,000 in respect of import of— |
(d) |
Where the value of import bill does not exceed US D
100,000 in respect of import of— |
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(i) |
books and
magazines |
(i) |
books
and magazines |
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(ii) |
life saving
drugs/equipments by Hospitals, etc. and |
(ii) |
life
saving drugs/equipments by Hospitals, etc. and |
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(iii) |
imports by
reputed research and other development institutions like Tata Institute of
Fundamental Research, C-DOT, Indian Institute of Technology, Indian Institute
of Science and Universities. |
(iii) |
imports by
reputed research and other development institutions like Tata Institute of
Fundamental Research, C-DOT, Indian Institute of Technology, Indian Institute
of Science and Universities. |
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(e) |
Import bills
received by all limited companies viz. public limited, deemed public
limited and private limited companies. |
(e) |
Import
bills received by all limited companies viz. public limited, deemed
public limited and private limited companies. |
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(ii) |
In all other
cases, at the request of importer clients, authorised dealers may receive
bills direct from the overseas supplier up to US D 25,000 (U.S. Dollars
Twenty five thousand only), provided the authorised dealer is fully satisfied
about the financial standing/status and track record of the importer
customer. Before extending the facility, authorised dealer should obtain
report on each individual overseas supplier from the overseas banker or
reputed credit agency. |
(ii) |
In all other cases, at the request of importer
clients, authorised dealers may receive bills direct from the overseas
supplier up to US D 100,000 (U.S. Dollars one lakh only), provided the
authorised dealer is fully satisfied about the financial standing/status and
track record of the importer customer. Before extending the facility,
authorised dealer should obtain report on each individual overseas supplier
from the overseas banker or reputed credit agency. |
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