Foreign Exchange Management Act, 1999 – Export of Goods and Services – Forwarder’s Cargo Receipt .
65 Dated:- 12-1-2012 Circular
FEMA
Superseded vide A.P. (DIR Series) Circular No. 20 dated 16-01-2026 w.e.f. 01-10-2026
RBI/2011-12/345
A. P. (DIR Series) Circular No.65
January 12, 2012
To
All Authorised Dealers in Foreign Exchange
Madam/Sir,
Foreign Exchange Management Act, 1999 –
Export of Goods and Services – Forwarder's Cargo Receipt
Attention of Authorized Dealers is invited to A.P. (DIR Series) Circular No. 27 dated March 2, 2001, in terms of which they may accept Forwarder's Cargo Receipts (FCR) issued by IATA approved agents, in lieu of bill of lading, for negotiation / collection of shippi
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le contract with the overseas buyer does not provide for acceptance of FCR as a shipping document, in lieu of bill of lading.
3. Further, authorized dealers may, at their discretion, also accept FCR issued by Shipping companies of repute/IATA approved agents (in lieu of bill of lading), for purchase/discount/collection of shipping documents even in cases, where export transactions are not backed by letters of credit, provided their 'relative sale contract' with overseas buyer provides for acceptance of FCR as a shipping document in lieu of bill of lading. However, the acceptance of such FCR for purchase/discount would purely be the credit decision of the bank concerned who, among others, should satisfy itself about the bona fides
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