Master Circular on Import of Goods and Services
02/2009-10 – RBI-28 Dated:- 1-7-2009 Master Circular
FEMA
RBI/2008-2009/28
Master Circular No. 08/2009-10
July 1, 2009
To,
All Category – I Authorised Dealer Banks
Madam / Sir,
Master Circular on Import of Goods and Services
Import of Goods and Services into India is being allowed in terms of Section 5 of the Foreign Exchange Management Act 1999 (42 of 1999), read with Notification No. GSR 381(E) dated May 3, 2000 viz. Foreign Exchange Management (Current Account) Rules, 2000 as amended from time to time.
2. This Master Circular consolidates the existing instructions on the subject of “Import of Goods and Services” at one place. The list of underlying circulars consolidated in this Master Circular is furnished in the Appendix.
3. This Master Circular is being issued with a sunset clause of one year. This circular will stand withdrawn on July 1, 2010 and be replaced by an updated Master Circular on the subject.
Yours fai
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
es13
C.6. Receipt of Import Documents13
C.6.1. Receipt of Import documents directly from overseas supplier13
C.6.2. Receipt of Import documents directly from overseas supplier
2
in specified sectors.
C.6.3. Receipt of Import documents by AD Category – I bank
directly from overseas supplier.14
C.7. Evidence of Import15
C.7.1. Physical Import.15
C.7.2. Evidence of Import in lieu of Bill of Entry15
C.7.3. Non Physical Imports.16
C.8. Issue of Acknowledgement16
C.9. Verification & Preservation16
C.10. Follow up for Import Evidences17
C.11. Issue of Bank Guarantee17
C.12. Import of Gold, Platinum, Silver by Nominated Banks / Agencies.17
C.12.1. Import on Consignment Basis.17
C.12.2. Import on Unfixed Price Basis.18
C.13. Direct Import of Gold.18
C.14. Import of Platinum, Palladium, Rhodium and Silver19
C.15. Gold Loans.19
C.16. Import Factoring20
C.17. Merchanting Trade20
PART – IV22
Section D – Annex22
D.1. Annex -122
D.2. Annex -226
D.3. Annex -327
D.4. Annex – 428
PART – V List of C
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
6 may be ensured for import of drawings and designs.
(iv) AD Category – I banks may also advise importers to ensure compliance with the provisions of Income Tax Act, wherever applicable.
PART II
Section B- General Guidelines for imports
B.1. General Guidelines
Rules and regulations from the foreign exchange angle to be followed by the AD Category – I banks while undertaking import payment transactions on behalf of their clients are set out in the following paragraphs. Where specific regulations do not exist, AD Category – I banks may be governed by normal trade practices. AD Category – I banks may particularly note to adhere to “Know Your Customer” (KYC) guidelines issued by Reserve Bank (Department of Banking Operations & Development) in all their dealings.
4
B.2. Form A-1
Applications by persons, firms and companies for making payments, exceeding USD 500 or its equivalent, towards imports into India must be made in Form A-1 (Annex- 4).
B.3. Import Licenses
Except for goods
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
Rules or Regulations framed there under.
(ii) Where foreign exchange acquired has been utilised for import of goods into India, the AD Category – I bank should ensure that the importer furnishes evidence of import viz., Exchange Control copy of the Bill of Entry, Postal Appraisal Form or Customs Assessment Certificate, etc., and satisfy himself that goods equivalent to the value of remittance have been imported.
(iii) In addition to the permitted methods of payment for imports laid down in Notification No.FEMA14/2000-RB dated 3rd May 2000, payment for import can also be made by way of credit to non-resident account of the overseas exporter maintained with a bank in India. In such cases also AD Category – I banks should ensure compliance with the instructions contained in sub-paragraphs (i) and (ii) above.
5
B.5. Time Limit for Settlement of Import Payments
B.5.1. Time limit for normal imports
(i) In terms of the extant regulations, remittances against imports should be completed
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
t, provided, interest payment, if any, is as per the instructions in para 5 of Part III below.
B.6. Import of Foreign exchange / Indian Rupees
(i) Except as otherwise provided in the Regulations, no person shall, without the general or special permission of the Reserve Bank, import or bring into India, any foreign currency. Import of foreign 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 Reserve Bank vide Notification No. FEMA 6/RB- 2000 dated May 3, 2000 as amended from time to time.
6
(ii) Reserve Bank may allow a person to bring into India currency notes of Government of India and / or of Reserve Bank subject to such terms and conditions as the Reserve Bank may stipulate.
B.6.1. Import of foreign exchange into India
A person may –
(i) send into India without limit foreign exchange in any form other
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
s return from any place outside India (other than from Nepal and Bhutan), currency notes of Government of India and Reserve Bank notes up to an amount not exceeding
Rs.5,000/- per person. (ii) A person may bring into India from Nepal or Bhutan, currency notes of Government of India and Reserve Bank notes other than notes of denominations of above Rs. 100 in either case.
7
PART III
Section C – Operational Guidelines for Imports
C.1. Advance Remittance
C.1.1. Advance Remittance for import of goods
(i) AD Category – I bank may allow advance remittance for import of goods without any ceiling subject to the following conditions:
(a) If the amount of advance remittance exceeds USD 100,000 or its equivalent, an unconditional, irrevocable standby Letter of Credit or a guarantee from an international bank of repute situated outside India or a guarantee of an AD Category – I bank in India, if such a guarantee is issued against the counter-guarantee of an international bank of repute situ
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ding USD 100, 000.
(ii) All payments towards advance remittance for imports shall be subject to the specified conditions.
8
C.1.2. Advance Remittance for Import of Rough Diamonds
(i) AD Category – I bank are permitted to allow advance remittance without any limit and without bank guarantee or standby Letter of Credit, by an importer (other than a Public Sector Company or a Department / Undertaking of the Government of India / State Government/s), for import of rough diamonds into India from the under noted mining companies, viz.
a) De Beers UK Ltd,
b) RIO TINTO, UK,
c) BHP Billiton, Australia,
d) ENDIAMA, E. P. Angola,
e) ALROSA, Russia,
f) GOKHARAN, Russia,
g) Rio Tinto, Belgium, and
h) BHP Billiton, Belgium.
(ii) While allowing the advance remittance, AD Category-I bank may ensure the following:
(a)The importer should be a recognized processor of rough diamonds as per a list to be approved by Gems and Jewellery Export Promotion Council (GJEPC) in this regard and should
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
partment / Undertaking of the Government of India / State Government/s, AD Category – I bank may permit advance remittance subject to the above conditions and a specific waiver of bank guarantee from the Ministry of Finance, Government of India where the advance payments is equivalent to or exceeds USD 100,000.
(iv) AD Category – I banks are required to submit a report (Annex-2) of all such advance remittances made without a bank guarantee or standby Letter of Credit, where the amount of advance payment is equivalent to or exceeds USD 5,000,000, to the Chief General Manager, Reserve Bank of India, Foreign Exchange Department, Trade Division, Central Office, Amar Building, Sir. P. M. Road, Fort, Mumbai – 400 001, on a half yearly basis, as at the end of September and March every year, in the format annexed (Annex-2).The report should be submitted within 15 days from the close of the respective half year.
C.1.3. Advance Remittance for Import of Aircrafts/Helicopters and other Aviation
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
s of the sale contract and are made directly to the account of the manufacturer (supplier) concerned.
(iii) AD Category – I bank may frame their own internal guidelines to deal with such cases, with the approval of their Board of Directors.
(iv) In the case of a Public Sector Company or a Department / Undertaking of Central /State Governments, the AD Category – I bank shall ensure that the requirement of bank guarantee has been specifically waived by the Ministry of Finance, Government of India for advance remittances exceeding USD100,000.
(v) Physical import of goods into India is made within six months (three years in case of capital goods) from the date of remittance and the importer gives an undertaking to furnish documentary evidence of import within fifteen days from the close of the relevant period. It is clarified that where advance is paid as milestone payments, the date of last remittance made in terms of the contract will be reckoned for the purpose of submission of docum
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
h a guarantee is issued against the
11
counter-guarantee of a bank of international repute situated outside India, should be obtained from the overseas beneficiary.
(b) AD Category – I banks should also follow-up to ensure that the beneficiary of the advance remittance fulfils his obligation under the contract or agreement with the remitter in India, failing which, the amount should be repatriated to India.
C.2. Interest on Import Bills
(i) AD – Category – I bank may allow payment of interest on usance bills or overdue interest for a period of less than three years from the date of shipment at the rate prescribed for trade credit from time to time.
(ii) In case of pre-payment of usance import bills, remittances may be made only after reducing the proportionate interest for the unexpired portion of usance at the rate at which interest has been claimed or LIBOR of the currency in which the goods have been invoiced, whichever is applicable. Where interest is not separately claimed o
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
overseas supplier before the defective goods imported earlier are reshipped out of India, AD Category – I banks may issue guarantees at the request of importer client for dispatch/return of the defective goods, according to their commercial judgment.
12
C.5. Import of Equipment by Business Process Outsourcing (BPO) Companies for their overseas sites
AD Category – I bank may, allow BPO companies in India to make remittances towards the cost of equipment to be imported and installed at their overseas sites in connection with the setting up of their International Call Centres (ICCs) subject to the following conditions:
(i) The BPO company should have obtained necessary approval from the Ministry of Communications and Information Technology, Government of India and other authorities concerned for setting up of the ICC.
(ii) The remittance should be allowed based on the AD Category – I banks' commercial judgment, the bonafides of the transactions and strictly in terms of the contract.
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
porters as defined in the Foreign Trade Policy, 100% Export Oriented Units / Units in Special Economic Zones, Public Sector Undertakings and Limited Companies.
(iv) Import bills received by all limited companies viz. public limited, deemed public limited and private limited companies.
C.6.2. Receipt of import documents by the importer directly from overseas suppliers in case of specified sectors
As a sector specific measure, AD Category – I banks are permitted to allow remittance for imports up to USD 300,000 where the importer of rough diamonds, rough precious and semi-precious stones has received the import bills / documents directly from the overseas supplier and the documentary evidence for import is submitted by the importer at the time of remittance. AD Category – I banks may undertake such transactions subject to the following conditions:
(i) The import would be subject to the prevailing Foreign Trade Policy.
(ii) The transactions are based on their commercial judgment and
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
not be obtained
14
in cases where the invoice value does not exceed USD 300,000 provided the AD Category – I bank is satisfied about the bonafides of the transaction and track record of the importer constituent.
C.7. Evidence of Import
C.7.1. Physical Imports
(i) In case of all imports, where value of foreign exchange remitted/paid for import into India exceeds USD 100,000 or its equivalent, it is obligatory on the part of the AD Category – I bank 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) The Exchange Control copy of the Bill of Entry for warehousing, in case of 100% Export Oriented Units, or
(c) Customs Assessment Certificate or Postal Appraisal Form, as declared by the importer to the Customs Authorities, where import has been made by post, as evidence that the goods for which the payment was made have actually been imported into India.
(ii) In respect
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ge in India and whose net worth is not less than Rs. 100 crore as on the date of its last audited balance sheet, or
the importer is a public sector company or an undertaking of the Government of India or its departments.
(ii) The above facility may also be extended to autonomous bodies, including scientific bodies/academic institutions, such as Indian Institute of Science / Indian Institute of Technology, etc. whose accounts are audited by the Comptroller and Auditor General of India (CAG). AD Category – I bank may insist on a declaration from the auditor/CEO of such institutions that their accounts are audited by CAG.
C.7.3. Non Physical Imports
(i) 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.
(ii) AD Category – I bank should advise importers
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
stroyed only after obtaining clearance from the investigating agency concerned.
C.10. Follow up for Import Evidence
(i) In case an importer does not furnish any documentary evidence of import, as required under paragraph C.7. of Part III, within 3 months from the date of remittance involving foreign exchange exceeding USD100,000, the AD Category – I bank should rigorously follow-up for the next 3 months, including issuing registered letters to the importer.
(ii) AD Category – I bank should forward a statement on half-yearly basis as at the end of June & December of every year, in form BEF (Annex 1) furnishing details of import transactions, exceeding USD 100,000 in respect of which importers have defaulted in submission of appropriate document evidencing import within 6 months from the date of remittance, to the Regional Office of Reserve Bank under whose jurisdiction the AD Category – I bank is functioning, within 15 days from the close of the half-year to which the statement relat
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
lace and in terms of the provisions of agreement entered into between the overseas supplier and nominated agency/bank. These instructions would also apply to import of platinum and silver.
C.12.2. Import 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. These instructions would also apply to import of platinum and silver.
C.13. Direct Import of Gold
AD Category – I bank can open Letters of Credit and allow remittances on behalf of EOUs, units in SEZs in the Gem & Jewellery sector and the nominated agencies / banks, for direct import of gold, subject to the following
(i) The import of gold should be strictly in accordance with the Foreign Trade Policy.
(ii) Suppliers' and Buyers' Credit, including the usance period of LCs o
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
make discreet enquiries from other banks to assess the actual position. Further, in order to establish audit trail of import/export
18
transactions, all documents pertaining to such transactions must be preserved for at least five years.
(v) AD Category – I bank should follow up submission of the Bill of Entry by the importers as stipulated.
(vi) Head Offices/International Banking Divisions, of AD Category – I bank undertaking gold import transactions are required to submit as per the format enclosed at Annex-3, a monthly statement thereof, to the Chief General Manager, Trade Division, Foreign Exchange Department, Amar Building, Central Office, Reserve Bank of India, Sir P.M. Road, Fort, Mumbai 400 001.
C.14. Import of Platinum, Palladium, Rhodium and Silver
(a) Suppliers' and Buyers' credit, including the usance period of Letters of Credit opened for import of Platinum, Palladium, Rhodium and Silver should not exceed 90 days from the date of shipment.
(b) AD Category – I banks
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
Letters of Credit (SBLC), for import of gold on loan basis, where ever required, as per FEDAI guidelines dated April 1, 2003. The tenor of the SBLC should be in line with the tenor of the gold loan.
(v) SBLC can be opened only on behalf of entities permitted to import gold on loan basis, viz. nominated agencies and 100% EOUs/units in SEZ, which are in the Gem and Jewellery sector.
(vi) SBLC should be in favour of internationally renowned bullion banks only. AD Category – I bank can obtain a detailed list of internationally renowned bullion banks from the Gem & Jewellery Export Promotion Council.
(vii) All other existing instructions on import of gold and opening of Letters of Credit, with usance period not exceeding 90 days, will continue to be applicable.
(viii) AD Category – I banks must maintain adequate documentation with them to uniquely link all imports with the SBLC issued for the import of gold on loan basis.
C.16. Import factoring
(i) AD Category – I bank may enter into
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
nths.
(d) Payment is received in time for the export leg.
(e) Where the payment for export leg of the transaction precedes the payment for import leg, AD Category – I banks should ensure that the terms of payment are such that the liability for the import leg of the transaction is extinguished by the payment received for the export leg of the transaction, without any delay.
AD Category – I banks may note that short-term credit either by way of suppliers' credit or buyers' credit is not available for merchanting trade or intermediary trade transactions.
21
PART IV
Section D – Annex
Annex (notifications and the forms for imports)
Annex-1
BEF (See paragraph C.10. (ii) of Part III of Master Circular)
Statement showing the 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 ended NOTES:
i. The statement s
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ntry” from the customs, Authorised Dealer bank may advise importer to submit a photocopy of the “ex-Bond Bill of Entry” for home consumption after clearance of the goods from the warehouse / bond, which may be duly verified by the Authorised Dealer bank and accepted as final evidence of import. Cases where 'Into Bond Bill of Entry' has been submitted need not be reported in BEF statement.
22
v. The statement should include details of all remittances, exceeding USD 100,000 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.).
vi. 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.
vii. In case no transaction is
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
Currency and AmountRupee equivalent
1234567
A. Import by parties other than Public Sector Undertakings/Government Departments
1
2
3
4
Etc
B. Import by Public Sector Undertakings / Government Departments
1.
2.
3.
Etc
Note : Transactions reported in Part II of BEF statement of earlier half-year should not be repeated in Part II of the current half-year.
24
CERTIFICATE
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.
(Signature of the Authorised Official of the bank)
Stamp
Name:
Designation:
Date:
Place:
25
Annex – 2
{see paragraph C.1.2. (iv) of Part III of Master Circular} [A. P. (DIR Series) Circular No. 34 dated March 02, 2007]
Statement of Advance Remittance without bank guarantee or standby lette
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
it Basis
(iii) Consignment Basis
(iv) Unfixed Price Basis
Note:
1. Full details of transactions may be provided in cases where the number of transactions in respect of a single importer exceeds ten transactions in a month or the aggregate value of imports exceeds US Dollar 50 million.
2. Details of EOUs/Units in SEZ and Nominated Agencies should be given separately.
27
Annex- 4
{see paragraph B.2. of Part II of Master Circular}
[Ref: AP (DIR Series) Circular No. 106 dated June 19, 2003]
Form A 1- Application for Transfer of Indian Rupees to the account of a Non-Resident Bank
Form A1 (For Import Payments only) Application for Transfer of Indian Rupees to the Account of a Non-resident Bank(To be printed on Light Blue paper) A.D.Code No.
Form No.
(To be filled by authorised dealer)
Serial No.
(for use of Reserve Bank of India)
Amount
remitted Currency Amount Equivalent to Rupees (To be completed by authorised dealer)
I/We wish to transfer Rs.
from the account
of (in words) at
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ars
Invoice DetailsQuan tityDescript ionHarmonis edCountry ofCountr y fromMode of shipmDate of shipment
NoTermsCurrAmountofofSystem oforigin(if not
and(c.i.f.,encgoodsgoodsClassificatofwhichentknown
datef.o.b.,yiongoodsgood(air,approxi-
c.&.f.s areseamate
etc.)consi gnedpost, rail river, transp ort port, etc.)date)
29
Section C: Other particulars
1.Details of forward purchase contract if any, booked against the import
(No.& date of Contract)(Currency and Amount contract)(Balance under the Contract )
2If remittance to be made is less than invoice value, reasons therefor (i.e. part remittance, instalment etc.)
.
I/We hereby declare that the statements made by me/us on this form are true and that I/ we have not applied for an authorisation through any other bank.
I/We declare and also understand that the foreign exchange to be acquired by me/us pursuant to this application shall be used by me/us only for the purpose for which it is acquired and that the conditions subject to which
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
e import is on behalf of Central/State Government Department or a company owned by Central/State Government/Statutory Corporation, Local Body, etc. the nameof the Government Department, Corporation etc. should be stated.
Date:
(Signature of Applicant/Authorised Official)
Space for comments of the authorised dealer
(While forwarding the application to Reserve Bank for approval, reference to Exchange Control Manual paragraph/ A.D.Circular in terms of which the reference is made should invariably be cited. If any remittance application on account of the same import was referred to Reserve Bank earlier, reference to the last correspondence/approval should also be cited).
(Signature of Authorised Official)
Name.
Stamp
Designation
Date :.
Name and Address of
.
Authorised dealer
Certificate to be Furnished by Authorised Dealer Bank(Importer's Banker)
We hereby certify that
Put a tick
( v) in the through us relevant
(a) (i)this payment is
an advance remittance
block(ii)in retirem
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
e certificate (a)(ii) and (iii) above].
. has been verified [vide certificate (a) (v) above]. . shall be obtained from the applicant/s within three months [vide certificate (a) (i) and (iv) above].
(Signature of Authorised Official) Name
StampDesignation.
Name and Address of
Date:Authorised dealer
* Strike out item not applicable
32
Form A1-Application for remittance in Foreign Currency
(To be printed on White paper) A.D.Code No.
Form No.
(To be filled by authorised dealer)
Form A1
(For Import Payments only)
Serial No
Application for Remittance in
(for use of Reserve Bank of India
Foreign Currency
Amount
remitted Currency Amount Equivalent to Rupees (To be completed by authorised dealer)
I/We wish to purchase (Name of currency)
(Amount in
words)
through
for
(Name and address of the authorised dealer)
payment to
(Name and address of the beneficiary of the remittance) in payment of imports into India, detailed below:
33
Details of goods imported or to be importe
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
: Other particulars
1Details of forward purchase contract, if any, booked against the import
(No.& date of contract)(Currency and Amount of contract)(Balance under the Contract)
2If remittance to be made is less than invoice value, reasons therefore (i.e. part remittance, instalment etc.)
I/We hereby declare that the statements made by me/us on this form are true and that I/we have not applied for an authorisation through any other bank.
I/We declare and also understand that the foreign exchange to be acquired by me/us pursuant to this application shall be used by me/us only for the purpose for which it is acquired and that the conditions subject to which the exchange is granted will be complied with.
(Signature of Applicant/Authorised Official)
@ Name and Address of Applicant
Importer's Code Number.
@ Nationality
@ To be filled in capital letters
Date :.
NOTE : For remittances covering intermediary trade, form A2 should be used.
Declaration to be furnished by Applicant
I/W
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
or a company owned by Central/State Government/Statutory Corporation, Local Body, etc. the name of the Government Department, Corporation etc. should be stated.
Date
(Signature of Applicant/Authorised Official)
Space for comments of the authorised dealer
(While forwarding the application to Reserve Bank for approval, reference to Exchange Control Manual paragraph/ A.D.Circular in terms of which the reference is made should invariably be cited. If any remittance application on account of the same import was referred to Reserve Bank earlier, reference to the last correspondence/approval should also be cited).
(Signature of Authorised Official)
Name
Designation Name and Address of Authorised dealer
Stamp
Date :-
Date:
Certificate to be Furnished by Authorised Dealer (Importer's Banker)
We hereby certify that Put a
(a) this payment is
(v) in the
an advance remittance
us relevant
(i)
block collection (ii) in retirement of bills under Letter of Credit opened through
(iii) a
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
(v) above].
. shall be obtained from the applicant/s within three months [vide certificate (a) (i) and (iv) above].
(Signature of Authorised Official) Stamp Name
Designation
Name and Address of
Date:Authorised dealer
* Strike out item not applicable
37
Form A1-Application for payments through Asian Clearing Union
(To be printed on Light Yellow paper) A.D.Code No.
Form No.
(To be filled by authorised dealer)
Form A1 (For Import Payments only) Application for Payment through Asian Clearing Union
Serial No.
(for use of Reserve Bank of India)
Amount Currency
remitted
Amount
Equivalent to Rupee (To be completed by authorised dealer)
I/We wish to remit through ASIAN CLEARING UNION
(Name of currency)
through
for
(Name and address of the designated bank in India)
(Amount in words)
in payment of imports
(Name and address of the beneficiary of remittance) into India, detailed below:
payment to
38
Details of goods imported or to be imported into India
Section A: Import
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
of Contract)
(Currency and Amount of the Contract)
(Balance under contract)
2. If remittance to be made is less than invoice value, reasons therefor (i.e. part remittance, instalment etc.)
I/We hereby declare that the statements made by me/us on this form are true and that I/we have not applied for an authorisation through any other bank.
I/We declare and also understand that the payments to be made by me/us, through ASIAN CLEARING UNION pursuant to this application shall be used by me/us only for the purpose stated above and that the conditions subject to which the permission is granted will be complied with.
(Signature of Applicant/Authorised Official)
@ Name and Address of Applicant
Importer's Code Number
Stamp
@ Nationality
@ To be filled in capital letters
Date:
NOTE: For remittances covering intermediary trade, form A2 should be used.
Declaration to be furnished by Applicant
I/We declare that
(a) the import licence/s against which the remittance is sought is/are v
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
etc. the name of the Government Department, Corporation etc. should be stated.
Date:
(Signature of Applicant/Authorised Official)
Space for comments of the authorised dealer
(While forwarding the application to Reserve Bank for approval, reference to Exchange Control Manual paragraph/ A.D.Circular in terms of which the reference is made should invariably be cited. If any remittance application on account of the same import was referred to Reserve Bank earlier, reference to the last correspondence/approval should also be cited).
(Signature of Authorised Official)
Name ..
Stamp
Designation
Name and Address of.
Authorised dealer
Date :.
Certificate to be Furnished by Authorised Dealer (Importer's Banker)
We hereby certify that
(a) this payment is
Put a tick () in the relevant block
(i) an advance remittance
(ii) in retirement of bills under Letter of Credit opened through us
(iii) against documents received through our medium for collection
(iv) on account of documents
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
e (a) (i) and (iv) above].
(Signature of Authorised Official)
…..
Name.
Stamp
Designation
Name and Address of
Authorised dealer
Date :.
* Strike out item not applicable
42
PART V
List of Circulars consolidated in the Master Circular Import of Goods and Services
· AP (DIR Series) Circular No. 106 dated June 19, 2003
· AP (DIR Series) Circular No. 4 dated July 19, 2003
· AP (DIR Series) Circular No. 9 dated August 18, 2003
· AP (DIR Series) Circular No. 15 dated September 17, 2003
. AP (DIR Series) Circular No. 49 dated December 15, 2003 . AP (DIR Series) Circular No. 66 dated February 6, 2004
· AP (DIR Series) Circular No. 72 dated February 20, 2004
. AP (DIR Series) Circular No. 2 dated July 9, 2004
· AP (DIR Series) Circular No. 34 dated February 18, 2005
. AP (DIR Series) Circular No. 1 dated July 12, 2005
. AP (DIR Series) Circular No. 33 dated February 28, 2007
. AP (DIR Series) Circular No. 34 dated March 2, 2007
. AP (DIR Series) Circul
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =