EC.CO.PCD. No. 19/15.02.76/2001-02, dated 17-8-2001, issued by the Exchange Control Department, RBI
As
you are aware Foreign Exchange Management Act, 1999 has been introduced with
effect from June 1, 2000. In terms of section 5 of the Act, any person may sell
or draw foreign exchange to and from authorised person under current account
transaction. However, Central Government has been empowered to impose certain
restrictions for current account transactions in public interest and in
consultation with Reserve Bank. Accordingly, Government of India issued
Notification No. GSR 381(E) dated May 3, 2000 as amended vide its Notification
No. SO 301(E) dated March 30, 2001.
2. Reserve
Bank had issued various circulars containing directions for authorised dealers
for import of goods and services into India.
3. In order
to enable the Authorised Dealers (ADs) to have all the existing instructions on
the subject of “Import of Goods and Services into India” as on July 1, 2001, at
one place, this Master Circular has been prepared.
4. Any
contravention or non-observance of the directions consolidated in this circular
will be liable to be proceeded against under the provisions of the Act.
Master
Circular for Import of Goods and Services into India
Import
trade is regulated by the Directorate General of Foreign Trade (DGFT) and its
regional offices, functioning under the Ministry of Commerce and Industries,
Department of Commerce, Government of India. Policies and procedures required
to be followed for imports into India are announced by the DGFT from time to
time. Authorised dealers may, therefore, sell foreign exchange or transfer
rupees to non-resident account towards payment for imports into India, from any
foreign country, in conformity with the Export-Import Policy in vogue and the
Rules framed by the Government of India and the Directions issued by Reserve
Bank from time to time under the Act.
2. Attention
of authorised dealers is invited to the Government of India Notification No.
G.S.R. 381(E) dated May 3, 2000, notifying the Foreign Exchange Management
(Current Account Transactions) Rules, 2000, in terms of which drawal of
exchange for certain current account transactions has been prohibited and
restrictions have been placed on certain other transactions. In terms of Rule 4
ibid., the transactions specified in Schedule II to the said Notification
require prior approval of the Government of India and in terms of the Rule 5,
the transactions specified in Schedule III to the Notification require prior
approval of the Reserve Bank. Authorised dealers may follow directions
contained in Part III while dealing with applications relating to import of
goods and services into India. It is further clarified that the Directions
contained in this Circular should be read with the Rules notified by the
Government of India, Ministry of Finance, vide Notification dated May 3, 2000,
as amended from time to time and annexed as Part II of this circular.
3. Authorised
dealers should follow normal banking procedures and the provisions of Uniform
Customs and Practices for Documentary Credits (UCPDC), etc., while opening
letters of credit for import into India on behalf of their customers. In
respect of import of drawings and designs, importers may be advised to submit
certificate or undertaking regarding compliance with the Research and
Development Cess Act, 1986. An undertaking, in the prescribed format, regarding
payment of Income-tax or a No Objection Certificate from Income-tax
authorities, wherever required under the extant provisions of the Act, should
be obtained in case of remittances relating to import of services and drawings
and designs into India.
Notification No. GSR
381(E), dated 3-5-2000, as amended by the Notification No. S.O. 301(E), dated
30-3-2001
[See FEM (Current Account Transactions) Rules, 2001]
For
Exchange Control purposes, rupee accounts maintained in India by citizens of
India, Nepal and Bhutan, residents in Nepal and Bhutan, as well as Indian,
Nepalese and Bhutanese firms, companies or other organisations, including banks
functioning in these countries, are regarded as resident accounts and rupee
transfers to such accounts, for imports into India (or for any other purpose),
may be made freely, without reference to the Reserve Bank. In terms of Rule 3
of the Government of India Notification No. G.S.R 381(E), dated May 3, 2000, sale
of foreign exchange for current account transactions with persons resident in
Nepal and/or Bhutan, or against import into these countries made by residents
in India, is prohibited.
Authorised
dealers should not open letters of credit or allow remittances for import of
goods included in the negative list requiring licence for imports under the
EXIM Policy in force, unless the importer submits a licence marked ‘For
Exchange Control Purposes’. Special conditions, if any, attached to such licence
should strictly be adhered to while opening letters of credit or making
remittances.
i. In terms
of Section 10(6) of the Foreign Exchange Management Act, 1999 (FEMA), any
person acquiring foreign exchange is permitted to use it either for the purpose
mentioned in the declaration made by him to an authorised dealer under section
10(5) of the Act or to use it for any other purpose for which acquisition of
exchange is permissible under the said Act, or Rules or Regulations framed
thereunder.
ii. Where
foreign exchange acquired has been utilised of import of goods into India the
authorised dealer should ensure that importer furnishes an evidence of import
to his satisfaction, as laid down in paragraph A 18.
iii. In case
payment for import is made by way of credit to non-resident account of the
overseas exporter or by way of credit to resident account of a non-resident
bank, authorised dealer should ensure compliance with sub-paragraphs (i) and
(ii) above.
iv. The Directions
contained in this paragraph are also applicable where payment for imports into
India is made through ACU mechanism.
Payments
for 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 debt to the account of the
importer maintained with themselves or by means of a crossed cheque drawn by
the importer on his other bankers. Payments against bills, under no
circumstances, should be accepted in cash.
Authorised
dealers may open letters of credit or make remittances where the Exchange
Control (EC) copy of the relative import licence has been issued in the name of
a party other than the applicant, provided the applicant produces a letter of
authority obtained from the import licence holder in his favour authorising
him, inter alia, to open letters of credit or make remittances for payment
towards import under the licence (subject to the terms and conditions, if any,
stipulated in this regard in the EXIM Policy in force). Authorised dealers may
also open letters of credit or make remittances towards imports permitted
without licences on behalf of authorised agents of importers, after satisfying
themselves by reference to the EXIM Policy in force that the importers are
permitted to utilise services of agents for the imports in question. In all
such cases, the responsibility for production of the Customs Bill of Entry, wherever
required, will rest on the letter of authority holder or agent.
Applications
by persons, firms and companies for making payments towards imports into India
must be made on form A1. Variants of this form have been devised in different
colours to be used for -
(i) remittance
in foreign currency;
(ii) transfer
of rupees to non-resident bank accounts; and
(iii) remittance
through Asian Clearing Union.
Care
should be taken to ensure that duly filled in A1 form in appropriate format has
been obtained.
Directions
contained herein are also applicable to imports which are financed in rupees
and payment for which is made by crediting rupees to a non-resident account in
India or to a rupee account maintained by a non-resident bank.
i. Authorised
dealers should note to endorse on the ‘Exchange Control Copy’ of import
licences, under their stamp and signature, the details of letters of credit
opened or forward contracts booked or remittances made in foreign currency as
also the amount of insurance and freight paid by the importer locally in
rupees, wherever licences have been obtained by importers.
ii. Authorised
dealers may likewise endorse on the ‘Exchange Control Copy’ of the import
licence the value of the back-to-back inland letters of credit opened by them
on behalf of duty free licence holders (including transferees) as required in
terms of the relevant provisions of the EXIM Policy in force.
i. Import
licences are normally issued for the c.i.f. value of the goods to be imported.
Import licences cannot be used to the full amount in cover of f.o.b. cost of
the goods leaving insurance and freight to local agent of the supplier, as
additional charges to be paid in rupees over the amount specified in the import
licence.
ii. Importers
sometime enter into contracts on f.o.b. terms and agree to the suppliers paying
for the freight to be reimbursed to them along with the cost of the goods.
Authorised dealers in such cases should, before making the remittance of
freight charges, ascertain the actual freight amount paid with reference to the
original freight bill or memo issued by the shipping company or the amount
stated on the relative bill of lading.
Exchange
Control copy of the import licence submitted by importer for opening of L/C or
making remittance when fully utilised, should be retained by authorised dealers
and may be preserved till scrutiny by the internal audit or inspection is completed.
Authorised
dealers may allow advance remittance for import of goods without any ceiling
subject to the following conditions :
a. the
importer should hold the EC copy of a valid import licence if the goods to be
imported requiring licence for import under the EXIM Policy in force;
b. remittance
is made direct to the suppliers;
c. if the
amount of advance remittance exceeds US $ 25,000 or its equivalent, a guarantee
from an international bank of repute situated outside India or a guarantee of
an authorised dealer in India, if such a guarantee is issued against the
counter-guarantee of an international bank of repute situated outside India,
should be obtained. An unconditional standby L/C from an international bank of
repute situated outside India may also be accepted in lieu of bank guarantee
provided it is irrevocable, non-transferable and lists out full particulars of
the transactions and there is a clear provision for prompt payment being
received in convertible currency in an approved manner. The validity of the
guarantee/letter of credit should adequately cover the period for the purpose
of enforcing payment;
d. physical
import of goods into India should be made within three months (twelve months in
case of capital goods) from the date of remittance and the importer should give
an undertaking to furnish documentary evidence of import within fifteen days
from the close of the relevant period. Authorised dealers, if satisfied with
the request, may allow extension of time for import not exceeding one month
(three months in case of capital goods). In cases where the advance remittance
has been made against a bank guarantee, the guarantee should be suitably
amended, if need be, to cover the extended period for import of goods into
India; and
e. authorised
dealer should ensure that in the event of non-import of goods, the amount of
advance remittance is repatriated to India or is utilised for any other
purposes for which release of exchange is permissible under the Act, Rules or
Regulations made thereunder, to the satisfaction of the authorised dealer.
(i) In terms
of the extant Rules, remittances against imports should be completed not later
than six months from the date of shipment. Accordingly, deferred payment
arrangements involving payments beyond a period of six months from the date of
shipment are treated as external commercial borrowings which require prior
approval of the Reserve Bank/Government of India {cf: Regulation 5(3) of
Reserve Bank Notification No. FEMA 3/2000-RB dated May 3, 2000}. There would,
however, be no objection to importers withholding amounts not exceeding 15 per
cent of the cost of goods towards guarantee of performance, etc. Authorised
dealers may make remittances of amounts so withheld, provided the earlier
remittance had been made through them. No payment of interest is permissible on
such withheld amounts.
(ii) Sometimes,
settlement of import dues may be delayed due to disputes, financial
difficulties, etc. Authorised dealers may make remittances in such cases even
if the period of six months has expired, provided -
a. authorised
dealer is satisfied about the genuineness of the circumstances leading to the
delay in payment; and
b. no payment
of interest is involved for the additional period. However, in cases where the
overseas supplier insists on payment of interest, it may be allowed in
accordance with the provisions contained in paragraph A.13, upto a maximum
period of 60 days beyond 180 days from the date of shipment provided the import
bill is paid within that period.
Notes :
A. In
case of import bills negotiated under letter of credit and retired by importer
after expiry of six months from the date of shipment of relative goods,
settlement of the payment would be deemed to be completed within six months
from the date of shipment if reimbursement was made to the overseas bank within
that period.
B. Remittances
against import of books may be allowed without restriction as to time limit,
provided no interest payment is involved nor has the importer forgone any part
of the discount/rebate normally allowed to importers towards compensation for
delay in settlement of dues.
(i) Authorised
dealers may make remittances on account of interest accrued on issuance bills
under ‘normal interest clause’ or of overdue interest payable on sight bills
for a period not exceeding six months from the date of shipment in respect of
imports without prior approval of Reserve Bank.
Note : Interest
under ‘normal interest clause’ would mean interest at the ‘prime’ rate (or its
equivalent) of the country in the currency of which the goods are invoiced or
LIBOR for the currency.
(ii) In
case of pre-payment of issuance import bills, remittances may be made only
after reducing the proportionate interest for the un-expired portion of
issuance at the rate, according to the contract, at which the interest has been
claimed for the usance period or the prime rate or LIBOR of the currency in
which the goods have been invoiced, whichever is applicable. Where interest is
not separately claimed, remittances may be allowed after deducting the
proportionate interest for the un-expired portion of usance at the prevailing
‘prime’ rate/LIBOR of the currency of invoice.
War Risk Insurance/Bunker/Congestion Surcharge/Premium for
Extended Insurance
Authorised
dealers may make remittances towards war risk insurance premium,
bunker/congestion surcharge at foreign ports, premia for extended insurance
cover, etc., which are incidental to imports.
Authorised
dealers may make remittances against goods imported without authority, but
later allowed to be cleared by the Customs Authorities against payment of
penalty, to the extent of c.i.f. value of the goods indicated on the relative
Exchange Control copy of the Customs Bill of Entry evidencing imports of goods
to India.
(i) In case
import of an item does not require licence under the Export-Import Policy in
force and there is a need for remittance of foreign exchange for import of
replacement goods for a defective item imported earlier, the remittance should
be made after ensuring that there is no double payment for the same import.
(ii) Where
goods are short-supplied, damaged, short-landed or lost in transit, the
procedure laid down below should be followed for payment against replacement
goods :
a. In cases
where no letter of credit has been opened or remittances made, Exchange Control
copy of the import licence may be automatically treated as valid for the
replacement consignment, provided it is shipped within the validity period of
the licence.
b. If the
Exchange Control copy has already been utilised to cover the opening of a
letter of credit against the original goods which have been lost, the original
endorsement to the extent of the value of the lost goods may be cancelled by
authorised dealers without reference to the Reserve Bank, provided the
insurance claim relating to the lost goods has been settled in favour of the
importer by remittance from abroad through an authorised dealer, if insurance
was covered abroad and by local payment in rupee if insurance was covered in
India. Payment for the replacement goods may then be made against suitable
endorsement on the import licence subject to the conditions that the
replacement consignment is shipped within the validity period of the licence.
c. If
replacement goods are to be shipped after the expiry of import licence, the
importer should be asked to apply to DGFT for replacement or for revalidation
of the expired licence.
In
case replacement goods for a defective import are being sent by the overseas
supplier before the defective goods imported earlier are dispatched out of
India, authorised dealers may issue guarantees at the request importer clients
for the despatch/return of defective goods, according to their commercial
judgment.
(i) Obligations
of purchaser of foreign exchange as contained in sub-section (6) of section 10
of Foreign Exchange Management Act, 1999 are indicated in paragraph A.3, ibid.
(ii) In
case of all imports, except import through couriers, where value of foreign
exchange remitted/paid for import into India exceeds US $ 5,000 or its
equivalent, it is obligatory on the part of authorised dealers through whom the
relative remittance was made to ensure that the importer submits :—
a. the
Exchange Control Copy of the Bill of Entry for home consumption, or
b. in
case of 100% Export Oriented Units the exchange control copy of the Bill of
Entry for warehousing, or
c. Customs
Assessment Certificate or Postal Appraisal Form as declared by the importer to
the custom authorities, where import has been made by post, as an evidence that
the goods for which the payment was made have actually been imported into
India.
(iii) Where
imports are made in non-physical form, i.e., software or data through
internet/datacom channels and drawings and designs through e-mail/fax a
certificate from a Chartered Accountant that the software/data/drawing/design
has been received by the importer may be obtained.
Note : Authorised
dealers should advise importers to keep Custom authorities informed of the
imports made by them under this clause.
(iv) In
respect of remittances for imports through courier services, authorised dealers
should ensure submission of the Exchange Control copy of the Bill of Entry in
case of imports valued at Rupees one lakh or more. Where the value of import is
less than Rs. one lakh, authorised dealers may obtain from the importer, a copy
of the Bill of Entry, in the prescribed form issued by the Customs in the name
of registered courier, duly certified by the courier company indicating thereon
the particulars of the consignment for which the copy has been issued.
(v) Authorised
dealers should ensure that in all cases, including cases of advance remittance
permitted in terms of paragraph A.11 above, evidence of import is submitted by
their importer customer and is duly verified. In respect of imports on D/A
basis, since goods would normally be cleared before the due date of payment,
authorised dealers should insist on production of evidence of import at the
time of effecting remittance of import bill. Authorised dealers should advise
this requirement to their importer customer while delivering the documents
against acceptance.
Note : A.
In respect of imports on D/A basis if importers fail to produce documentary
evidence due to genuine reasons such as non-arrival of consignment, delay in
delivery/customs clearance of consignment, etc., authorised dealers may, if
satisfied with the genuineness of request, allow reasonable time not exceeding
three months from the date of remittance to the importer to submit the evidence
of import.
(vi) Authorised
dealers should in all cases acknowledge receipt of evidence of import e.g.,
Exchange Control copy of the Bill of Entry, Postal Appraisal Form or Customs
Assessment Certificate, etc., from importers by issuing acknowledgement slips
containing the following particulars :
a. importer’s
full name and address with code number;
b. import
licence number and date (wherever applicable);
c. bank’s
reference of letter of credit number, etc., if any;
d. number
and date of Exchange Control copy of the Bill of Entry/Postal appraisal Form or
Customs Assessment Certificate and the amount of import; and
e. particulars
of goods imported.
(vii) Internal
inspectors or auditors (including external auditors appointed by authorised
dealers) should carry out 100 per cent verification of the documents evidencing
import, e.g., Exchange Control copies of Bills of Entry or Postal Appraisal
Form or Customs Assessment Certificate, etc.
(viii) Documents
evidencing import into India received in terms of paragraph A.18(ii) above
should be preserved by authorised dealers for a period of one year from the
date of its verification as required under sub-paragraph (vii) above. However,
in respect of cases which are under investigation by investigating agencies,
the documents should be destroyed only after obtaining clearance from the
investigating agency concerned.
(i) In
case an importer does not furnish the document of evidence of import, as
required under paragraph A.18, within 3 months from the date of remittance
involving foreign exchange exceeding US $ 5,000, the authorised dealer should
rigorously follow-up for the next 3 months, including issue of registered
letters to the importer for submission of an appropriate document as evidence
of import.
(ii) Authorised
dealers should forward to the Reserve Bank a statement on half-yearly basis as
at the end of June and December of every year, in form BEF (format enclosed)
furnishing details of import transactions, exceeding US $ 5,000 in respect of
which importers have defaulted in submission of an appropriate document
evidencing import within 6 months from the date of remittance. The said
half-yearly statement should be submitted to the Regional Office of the Reserve
Bank under whose jurisdiction the authorised dealer is functioning, within 15
days from the end of half-year to which the statement relates.
Note :
A. In
cases where at the time of advance remittance purpose of remittance was
indicated as import and subsequently the exchange has been used for a purpose
for which sale of exchange is permissible, and a document to the satisfaction
of authorised dealer has been produced, such cases should not be treated as
default and hence be excluded from the BEF statement.
B. Authorised
dealers may accept Into Bond Bill of Entry as a provisional evidence of import
into India. However, they may ensure submission of Exchange Control copy of the
Bill of Entry for Home consumption within a reasonable period of time. Wherever
Into Bond Bill of Entry has been submitted such cases need not be reported in
BEF statement.
Authorised
dealers should exercise due care while handling import documents on collection
basis on behalf of importer customers with reference to their line of business,
financial standing, frequency of import, etc. to establish the genuineness of
the import. In the case of bills involving large values, authorised dealers
should satisfy themselves that the importer is known to be trading in items
mentioned in the shipping documents or that the items are required for his
actual use. In case of importers who are not their constituents, authorised
dealers should, at the time of acceptance of the documents/making payment, call
for detailed Certificate-cum-Report from their bankers in support of the
genuineness of imports.
(i) Import
bills and documents should be received from the banker of the seller by the
banker of the buyer in India. Authorised dealers should not, therefore, make
remittances where import bills have been received directly by the importers
from the overseas seller, except in the following cases:
a. Where
the value of import bill does not exceed U.S. $ 10,000.
b. Import
bills received by wholly-owned Indian Subsidiaries of Foreign Companies from
their principals.
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.
d. Where
the value of import bill does not exceed U.S. $ 25,000 in respect of import of—
i. books and magazines
ii. life saving drugs/equipments by
Hospitals, etc. and
iii. imports
by reputed research and other development institutions like Tata Institute for
Fundamental Research, C-DOT, Indian Institute of Technology, Indian Institute
of Science and Universities.
e. Import
bills received by all limited companies viz. Public limited and private limited
companies.
(ii) In
all other cases, at the request of importer clients, authorised dealers may receive
bills direct from the overseas seller up to U.S. $ 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 seller from the overseas banker or reputed credit agency.
Remittances
against bills received for collection in respect of imports by post parcel may
be made by authorised dealers, provided the goods imported are such as are
normally despatched by post parcel. In these cases, the relative parcel
receipts must be produced as evidence of despatch through the post and an
undertaking to submit Postal Appraisal Form or Customs Assessment Certificate
as evidence of import within three months from the date of remittance should be
furnished by importers. If the parcel has already been received in India Postal
Appraisal Form or Customs Assessment Certificate should be produced in support
of the remittance application. Where goods to be imported are not of a kind
normally imported by post parcel or where authorised dealer is not satisfied
about the bona fides of the application, the case should be referred to the
Reserve Bank for prior approval with full particulars together with relative
parcel receipt/s and Postal Appraisal Form or Customs Assessment Certificate.
Note : Authorised
dealers may make remittances towards import of books by post parcel by
book-sellers/publishers against bills received for collection, irrespective of
the amounts involved, without prior approval of the Reserve Bank against
endorsement on the import licence wherever applicable in the normal course.
They may also make remittances even if import licences covering the imports
have been issued subsequent to the date of import subject to endorsement on
such licences.
(i) Import of
Gold on Consignment basis
Gold may
be imported by the nominated agencies/banks on consignment basis where the
ownership of the goods will remain with the supplier and the importer
(consignee) will be acting as an agent of the supplier (consignor). Remittances
towards the cost of import shall be made as and when sales take place and in
terms of the provisions of agreement entered into between the overseas supplier
and nominated agency/bank.
(ii) Import of
gold on unfixed price basis
The
nominated agency/bank may import gold on outright purchase basis subject to the
condition that although ownership of the gold shall be passed on to the
importer at the time of import itself, the price of gold shall be fixed later,
as and when the importer sells the gold to the users.
Note : Instructions contained in this
paragraph would also apply to import of platinum and silver.
Authorised
dealers may allow remittance of rent, royalty, licence fee, profit, etc., in
connection with import of cinematography feature films and video films subject
to the following conditions:
i. a ‘No
Objection Certificate’ from Central Board of Film Certification, wherever
required, has been submitted;
ii. a
Chartered Accountant’s certificate is produced indicating that the payment to
overseas supplier is due and the amount sought to be remitted is in conformity
within the terms of contract; and
iii. an
undertaking/Certificate regarding payment of income-tax has been submitted.
Authorised
dealers may enter into arrangements with international factoring companies of
repute, preferably members of Factors Chain International, without approval of
the Reserve Bank. However, authorised dealers will have to ensure compliance
with the extant exchange control directions relating to imports, EXIM policy in
force and any other guidelines/directive issued by the Reserve Bank in this
regard.
Gold
brought by an NRI in accordance with the Export and Import Policy in vogue, is
permitted to be sold to residents against payment in rupees. Authorised dealers
should credit the amounts so received only to ordinary non-resident rupee (NRO)
accounts of the concerned NRI seller.
Authorised
dealers may take necessary precautions in handling merchant trade transactions
or intermediary trade transactions to ensure that (a) goods involved in the
transaction are permitted to be imported into India; (b) such transactions do
not involve foreign exchange outlay for a period exceeding three months; and
(c) all Rules, Regulations and Directions applicable to export out of India are
complied with by the export leg and all Rules, Regulations and Directions
applicable to import are complied with by the import leg of merchanting trade
transactions. Authorised dealers are also required to ensure timely receipt of
payment for the export leg of such transactions.
Section C
(i) Import of
currency, including cheques, is governed by clause (g) of sub-section (3) of
Section 6 of the Foreign Exchange Management Act, 1999, and the Foreign
Exchange Management (Export and Import of Currency) Regulations, 2000, made by
the Reserve Bank vide Notification No. FEMA 6/RB-2000 dated May 3, 2000.
(ii) All
imports of currency not covered by the general permission granted under the
Regulations require prior permission of the Reserve Bank.
(See
paragraph A.19)
Statement showing details of remittances effected towards import in
respect of which documentary evidence has not been received despite reminders
Name
and address of AD branch........................
Name
of Controlling Office of AD branch.........................
Statement
for the half-year.....................................
Notes:
(i) The
statement should be submitted, in duplicate, to the Regional Office to the
Reserve Bank under whose jurisdiction of A.D. branch is functioning.
(ii) Details
of transactions where the amount of remittance exceeds US $ 5,000 or its
equivalent should only be included in the statement.
(iii) The
statement should include details of all remittances from India or payments from
abroad in connection with imports, including advance payments, delayed
payments, etc. irrespective of the source of funding (i.e., EEFC
accounts/foreign currency accounts maintained in India and abroad, payments out
of external commercial borrowings, foreign investments in the shares of
importers etc.)
(iv) The
cases reported in Part I of statement for the previous half-year should not be
reported again in Part I of the statement for the current half-year.
(v) In case no transaction is required
to be reported, ‘NIL’ statement should be submitted.
(vi) Statement should be submitted within
15 days from the end of the half-year.
Part
I - Information regarding importers who have defaulted in submission of the documentary evidence of
import
|
Sr. No. |
Importer/ Exporter Code
No. |
Name and address of the importer |
No. and date of import licences,
if any |
Brief description of
goods |
Date of remittance/ payment |
Currency and amount |
Rupee equiva- lent |
Remarks |
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
A. Particulars
of imports made by persons/parties other than Public Sector
Undertakings/Government Departments etc.
|
|
1. |
|
|
2. |
|
|
3. |
|
|
4. |
B. Particulars of imports made by Public
Sector Undertakings/Government Departments etc.
|
|
1. |
|
|
2. |
|
|
3. |
|
|
4. |
|
|
5. |
Part
II
Information
regarding subsequent receipt of documentary
evidence of Import from importers whose names were
reported in Part I of earlier BEF statement/s
|
Sr. No. |
Name
and address of
the importer |
Period
of the BEF statement and
serial No. of the transaction
reported earlier in Part
1 of the BEF statement |
Date
of receipt |
Amount
of remittance |
Remarks |
|
|
Currency &
Amount |
Rupee equivalent |
|
||||
|
1 |
2 |
3 |
4 |
5 |
6 |
|
A. Parties other than Public Sector Undertakings/Government Departments
|
|
1. |
|
|
|
2. |
|
|
|
3. |
|
|
|
4. |
|
|
|
|
etc. |
B. Public Sector Undertakings/Government Departments
|
|
1. |
|
|
|
2. |
|
|
|
3. |
|
|
|
4. |
|
|
|
5. |
|
|
|
|
etc. |
Note : The
transaction reported in Part II of BEF statement of earlier half-year should
not be repeated in Part II of the current half-year.
i. We certify
that the particulars furnished above are true and correct as per our records.
ii. We
further certify that the statement includes all cases which are required to be
reported under the prescribed procedure.
iii. We
undertake to continue to pursue the cases with the importers reported in Part I
of the statement.
|
Place: |
|
|
Date: |
Stamp |
|
|
(Signature of the Authorised Official) |
|
Name: |
|
|
Designation: |
|