Master Circular on Import of Goods and Services
04\/2010-11 Dated:- 1-7-2010 Master Circular
FEMA
Master Circular on Import of Goods and Services
\nMaster Circular No. 04\/2010-11
\nDated 1-7-2010
\n
\nImport 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. G.S.R. 381(E) dated May 3, 2000 viz. Foreign Exchange Management (Current Account) Rules, 2000 as amended from time to time.
\n2. 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 also furnished.
\n3. This Master Circular is being issued with a sunset clause of one year. This circular will stand withdrawn on July 1, 2011 and be replaced by an updated Master Circular on the subject.
\nClick here to view the full INDEX
\n=============
\nDocument 1
\nINDEX
\nSection A – Introduction
\nSec<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \nC.15. Gold Loans. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n m A-1 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n the instructions contained in sub-paragraphs (i) and (ii) = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n erson to bring into India currency notes of = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \n(a) = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n HP Billiton, Australia, = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n , where the amount of advance payment is = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n the = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n D 100,000 (USD One = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ier are reshipped out of India, AD = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n reign = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n the overseas supplier need not be = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n alent, = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n respect of cases which are under investigation by investigating = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n will = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n the net worth of the importer customer should be = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \n20 of 44 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ry) are complied with for the export = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ge = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n arding subsequent receipt of documentary evidence = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \nCompany (PTY) = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n of goods imported or to be imported into India = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n iary trade, form A2 should be used. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n applicant\/s against undertaking furnished by = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e particulars = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n d be used. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n advance remittance = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n imports = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n nd Address of Applicant……….. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n horised dealer = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n AP (DIR Series) Circular No. 66 dated February 6, 2004 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Master Circular on Import of Goods and Services04\/2010-11 Dated:- 1-7-2010 Master CircularFEMAMaster Circular on Import of Goods and Services Master Circular No. 04\/2010-11 Dated 1-7-2010 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. … Continue reading “Master Circular on Import of Goods and Services”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-423","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=423"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/423\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\n19
\nC.16. Import factoring..
\n20
\nC.17. Merchanting Trade…
\n.20
\nAnnex-1…
\nAnnex – 2.
\nAnnex-3
\nAnnex- 4.
\n28
\nAppendix
\n.43
\nList of Circulars consolidated in the Master Circular..
\n43
\n.27
\nAANNN!
\n22
\n26
\n1
\n2 of 44
\nSection A – Introduction
\n(i)
\nImport trade is regulated by the Directorate General of Foreign Trade
\n(DGFT) under the Ministry of Commerce & Industry, Department of Commerce,
\nGovernment of India. Authorised Dealer Category – I (AD Category – I) banks
\nshould ensure that the imports into India are in conformity with the Foreign Trade
\nPolicy in force and Foreign Exchange Management (Current Account
\nTransactions) Rules, 2000 framed by the Government of India vide Notification
\nNo. G.S.R.381 (E) dated May 3, 2000 and the Directions issued by Reserve Bank
\nunder Foreign Exchange Management Act, 1999 from time to time.
\n(ii) AD Category – I banks should follow normal banking procedures and
\nadhere to the provisions of Uniform Customs and Practices<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nApplications by persons, firms and companies for making payments, exceeding
\nUSD 500 or its equivalent, towards imports into India must be made in Form A-1
\n(Annex-4).
\nB.3. Import Licenses
\nExcept for goods included in the negative list which require licence under the
\nForeign Trade Policy in force, AD Category – I banks may freely open letters of
\ncredit and allow remittances for import. While opening letters of credit, the 'For
\nExchange Control purposes' copy of the licence should be called for and special
\nconditions, if any, attached to such licences should be adhered to. After effecting
\nremittances under the licence, AD Category – I banks may preserve the copies of
\nutilised licence \/s till they are verified by the internal auditors or inspectors.
\nB.4. Obligation of Purchaser of Foreign Exchange
\n(i) In terms of Section 10(6) of the Foreign Exchange Management Act, 1999
\n(FEMA), any person acquiring foreign exchange is permitted to use it either for the
\npurpose mention<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nabove.
\nB.5.
\nTime Limit for Settlement of Import Payments
\nB.5.1. Time limit for normal imports
\n(i)
\nIn terms of the extant regulations, remittances against imports should be
\ncompleted not later than six months from the date of shipment, except in cases
\nwhere amounts are withheld towards guarantee of performance, etc.
\n(ii) AD Category – I banks may permit settlement of import dues delayed due
\nto disputes, financial difficulties, etc. Interest in respect of delayed payments,
\nusance bills or overdue interest for a period of less than three years from the date
\nof shipment may be permitted in terms of the directions in para C.2 of Part III
\nbelow.
\nB.5.2. Time limit for deferred payment arrangements
\nDeferred payment arrangements, including suppliers and buyers credit, providing
\nfor payments beyond a period of six months from date of shipment up to a period
\nof less than three years, are treated as trade credits for which <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nGovernment of India and \/ or of Reserve Bank subject to such terms and
\nconditions as the Reserve Bank may stipulate.
\nB.6.1. Import of foreign exchange into India
\nA person may –
\n(i)
\nsend into India without limit foreign exchange in any form other than
\ncurrency notes, bank notes and travelers cheques;
\n(ii) bring into India from any place outside India, without limit foreign exchange
\n(other than unissued notes), which shall be subject to the condition that such
\nperson makes, on arrival in India, a declaration to the Custom Authorities at the
\nAirport in the Currency Declaration Form (CDF) annexed to these Regulations;
\nprovided further that it shall not be necessary to make such declaration where the
\n5
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\naggregate value of the foreign exchange in the form of currency notes, bank notes
\nor travellers cheques brought in by such person at any one time does not exceed
\nUSD10,000 (US Dollars ten thousand) or its equivalent and\/or t<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n(b)
\nIf the amount of advance remittance exceeds USD 100,000 or its
\nequivalent, an unconditional, irrevocable standby Letter of Credit or a
\nguarantee from an international bank of repute situated outside India
\nor a guarantee of an AD Category I bank in India, if such a
\nguarantee is issued against the counter-guarantee of an international
\nbank of repute situated outside India, is obtained.
\n–
\nIn cases where the importer (other than a Public Sector Company or
\na Department\/Undertaking of the Government of India\/State
\nGovernment\/s) is unable to obtain bank guarantee from overseas
\nsuppliers and the AD Category – I bank is satisfied about the track
\nrecord and bonafides of the importer, the requirement of the bank
\nguarantee \/ standby Letter of Credit may not be insisted upon for
\nadvance remittances up to USD 5,000,000 (US Dollar five million).
\nAD Category – I banks may frame their own internal guidelines to
\ndeal with such cases as per a suitable policy framed by the bank's<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nd)
\nENDIAMA, E. P. Angola,
\ne)
\nALROSA, Russia,
\nf)
\nGOKHARAN, Russia,
\ng)
\nRio Tinto, Belgium,
\nh)
\nBHP Billiton, Belgium and
\ni)
\n(ii)
\nNamibia Diamond Trading Company (PTY) Ltd. (NDTC).
\nWhile allowing the advance remittance, AD bank may ensure the following:
\n(a) The importer should be a recognized processor of rough diamonds
\nas per the list to be approved by Gems and Jewellery Export
\nPromotion Council (GJEPC) in this regard and should have a good
\ntrack record of export realisation;
\n(b)
\n(c)
\nAD Category – I bank should undertake the transaction based on
\ntheir commercial judgment and after being satisfied about the
\nbonafides of the transaction;
\nAdvance payments should be made strictly as per the terms of the
\nsale contract and should be made directly to the account of the
\ncompany concerned, that is, to the ultimate beneficiary and not
\n8
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\n(d)
\n(e)
\nthrough numbered accounts or otherwise. Further, due caution may
\nbe exercised to ensure that<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nequivalent to or exceeds USD 5,000,000, to the Chief General Manager, Reserve
\nBank of India, Foreign Exchange Department, Trade Division, Central Office,
\nAmar Building, Sir. P. M. Road, Fort, Mumbai – 400 001, on a half yearly basis as
\nat the end of September and March every year. The report should be submitted
\nwithin 15 days from the close of the respective half year.
\nC.1.3. Advance Remittance for Import of Aircrafts\/Helicopters and other
\nAviation Related purchases
\nAs a sector specific measure, airline companies which have been permitted by the
\nDirectorate General of Civil Aviation to operate as a schedule air transport service,
\ncan make advance remittance without bank guarantee, up to USD 50 million.
\nAccordingly, AD Category – I banks may allow advance remittance, without
\nobtaining a bank guarantee or an unconditional, irrevocable standby Letter of
\n9
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\nCredit, up to USD 50 million, for direct import of each aircraft, heli<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nMinistry of Finance, Government of India for advance remittances
\nexceeding USD100,000.
\nPhysical import of goods into India is made within six months (three years in
\ncase of capital goods) from the date of remittance and the importer gives an
\nundertaking to furnish documentary evidence of import within fifteen days
\nfrom the close of the relevant period. It is clarified that where advance is
\npaid as milestone payments, the date of last remittance made in terms of
\nthe contract will be reckoned for the purpose of submission of documentary
\nevidence of import.
\nPrior to making the remittance, the AD Category – I bank may ensure that
\nthe requisite approval of the Ministry of Civil Aviation \/ DGCA \/ other
\nagencies in terms of the extant Foreign Trade Policy has been obtained by
\nthe company, for import.
\nIn the event of non-import of aircraft and aviation sector related products,
\nAD Category – I bank should ensure that the amount of advance remittance
\nis immediately repatriate<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nhundred thousand) or its equivalent would be required.
\n(c) AD Category – I banks should also follow-up to ensure that the beneficiary
\nof the advance remittance fulfils his obligation under the contract or agreement
\nwith the remitter in India, failing which, the amount should be repatriated to India.
\nC.2. Interest on Import Bills
\n–
\n(i) AD Category – I bank may allow payment of interest on usance bills or
\noverdue interest for a period of less than three years from the date of shipment at
\nthe rate prescribed for trade credit from time to time.
\n(ii) In case of pre-payment of usance import bills, remittances may be made
\nonly after reducing the proportionate interest for the unexpired portion of usance at
\nthe rate at which interest has been claimed or LIBOR of the currency in which the
\ngoods have been invoiced, whichever is applicable. Where interest is not
\nseparately claimed or expressly indicated, remittances may be allowed after
\n11
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\ndeducting th<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nCategory-l banks may issue guarantees at the request of importer client for
\ndispatch\/return of the defective goods, according to their commercial judgment.
\nC.5. Import of Equipment by Business Process Outsourcing (BPO)
\nCompanies for their overseas sites
\nAD Category – I bank may allow BPO companies in India to make remittances
\ntowards the cost of equipment to be imported and installed at their overseas sites
\nin connection with the setting up of their International Call Centres (ICCs) subject
\nto the following conditions:
\n(i) The BPO company should have obtained necessary approval from the
\nMinistry of Communications and Information Technology, Government of India and
\nother authorities concerned for setting up of the ICC.
\n12
\n13 of 44
\n(ii) The remittance should be allowed based on the AD Category – I banks'
\ncommercial judgment, the bonafides of the transactions and strictly in terms of the
\ncontract.
\n(iii)
\nThe remittance is made directly t<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nTrade Policy, 100% Export Oriented Units \/ Units in Special Economic Zones,
\nPublic Sector Undertakings and Limited Companies.
\n(iv) Import bills received by all limited companies viz. public limited, deemed
\npublic limited and private limited companies.
\nC.6.2. Receipt of import documents by the importer directly from overseas
\nsuppliers in case of specified sectors
\nAs a sector specific measure, AD Category – I banks are permitted to allow
\nremittance for imports up to USD 300,000 where the importer of rough diamonds,
\nrough precious and semi-precious stones has received the import bills \/
\ndocuments directly from the overseas supplier and the documentary evidence for
\n13
\n14 of 44
\nimport is submitted by the importer at the time of remittance. AD Category – I
\nbanks may undertake such transactions subject to the following conditions:
\n(i) The import would be subject to the prevailing Foreign Trade Policy.
\n(ii) The transactions are based on their commercial judgment and they <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nobtained in cases where the invoice value does not exceed USD 300,000 provided
\nthe AD Category – I bank is satisfied about the bonafides of the transaction and
\ntrack record of the importer constituent.
\nC.7. Evidence of Import
\nC.7.1. Physical Imports
\n(i) In case of all imports, where value of foreign exchange remitted\/ paid for
\nimport into India exceeds USD 100,000 or its equivalent, it is obligatory on the part
\nof the AD Category – I bank through whom the relative remittance was made, to
\nensure that the importer submits :-
\n14
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\n(a) The Exchange Control copy of the Bill of Entry for home consumption,
\nor
\n(b) The Exchange Control copy of the Bill of Entry for warehousing, in case of
\n100% Export Oriented Units,
\nor
\n(c) Customs Assessment Certificate or Postal Appraisal Form, as declared by the
\nimporter to the Customs Authorities, where import has been made by post, as
\nevidence that the goods for which the payment was made have actu<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n(b) the importer is a company listed on a stock exchange in India and whose net
\nworth is not less than Rs. 100 crore as on the date of its last audited balance
\nsheet,
\nor
\nthe importer is a public sector company or an undertaking of the Government of
\nIndia or its departments.
\n15
\n16 of 44
\n(ii) The above facility may also be extended to autonomous bodies, including
\nscientific bodies\/academic institutions, such as Indian Institute of Science \/ Indian
\nInstitute of Technology, etc. whose accounts are audited by the Comptroller and
\nAuditor General of India (CAG). AD Category \u2013 I bank may insist on a declaration
\nfrom the auditor\/CEO of such institutions that their accounts are audited by CAG.
\nC.7.3. Non Physical Imports
\n(i)
\nWhere imports are made in non-physical form, i.e., software or data through
\ninternet \/ datacom channels and drawings and designs through e-mail\/fax, a
\ncertificate from a Chartered Accountant that the software \/ data \/ drawing\/ design
\nhas been<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nagencies, the documents may be destroyed only after obtaining clearance from
\nthe investigating agency concerned.
\n16
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\nC.10. Follow up for Import Evidence
\n(i) In case an importer does not furnish any documentary evidence of import,
\nas required under paragraph C.7. of Part III, within 3 months from the date of
\nremittance involving foreign exchange exceeding USD 100,000, the AD Category
\n– I bank should rigorously follow-up for the next 3 months, including issuing
\nregistered letters to the importer.
\n(ii) AD Category – I bank should forward a statement on half-yearly basis as at
\nthe end of June & December of every year, in form BEF (Annex 1) furnishing
\ndetails of import transactions, exceeding USD 100,000 in respect of which
\nimporters have defaulted in submission of appropriate document evidencing
\nimport within 6 months from the date of remittance, to the Regional Office of
\nReserve Bank under whose juris<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nbe acting as an agent of the supplier (consignor). Remittances towards the cost of
\n17
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\nimport shall be made as and when sales take place and in terms of the provisions
\nof agreement entered into between the overseas supplier and nominated
\nagency\/bank. These instructions would also apply to import of platinum and silver.
\nC.12.2. Import on unfixed price basis
\nThe nominated agency\/bank may import gold on outright purchase basis subject
\nto the condition that although ownership of the gold shall be passed on to the
\nimporter at the time of import itself, the price of gold shall be fixed later, as and
\nwhen the importer sells the gold to the users. These instructions would also apply
\nto import of platinum and silver.
\nC.13. Direct Import of Gold
\nAD Category – I bank can open Letters of Credit and allow remittances on behalf
\nof EOUS, units in SEZs in the Gem & Jewellery sector and the nominated
\nagencies\/banks, for direct import of gold, subject to the following
\n(i) <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\ncommensurate with the volume of business turnover. Apart from the above, in
\n18
\n19 of 44
\ncase of such transactions banks should also make discreet enquiries from other
\nbanks to assess the actual position. Further, in order to establish audit trail of
\nimport\/export transactions, all documents pertaining to such transactions must be
\npreserved for at least five years.
\n(v) AD Category – I bank should follow up submission of the Bill of Entry by the
\nimporters as stipulated.
\n(vi) Head Offices\/International Banking Divisions of AD Category – I banks
\nundertaking gold import transactions are required to submit as per the format
\nenclosed at Annex-3, a monthly statement thereof, to the Chief General Manager,
\nTrade Division, Foreign Exchange Department, Amar Building, Central Office,
\nReserve Bank of India, Sir P.M. Road, Fort, Mumbai 400001.
\nC.14. Import of Platinum, Palladium, Rhodium and Silver
\n(a) Suppliers' and Buyers' credit, in<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n(iii) The maximum tenor of gold loan would be as per the Foreign Trade Policy
\n2009-2014, or as notified by the Government of India from time to time in this
\nregard.
\n(iv) AD bank may open Standby Letters of Credit (SBLC), for import of gold on
\nloan basis, where ever required, as per FEDAI guidelines dated April 1, 2003. The
\ntenor of the SBLC should be in line with the tenor of the gold loan.
\n(v)
\nSBLC can be opened only on behalf of entities permitted to import gold on
\nloan basis, viz. nominated agencies and 100% EOUs\/units in SEZ, which are in
\nthe Gem and Jewellery sector.
\n(vi) SBLC should be in favour of internationally renowned bullion banks only.
\nAD Category – I bank can obtain a detailed list of internationally renowned bullion
\nbanks from the Gem & Jewellery Export Promotion Council.
\n(vii) All other existing instructions on import of gold and opening of Letters of
\nCredit, with usance period not exceeding 90 days, will continue to be applicable.
\n(viii) AD Ca<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nleg and import leg, respectively.
\n(b) The entire merchant trade transaction is completed within a period of 6
\nmonths.
\n(c) The transactions do not involve foreign exchange outlay for a period exceeding
\nthree months.
\n(d) Payment is received in time for the export leg.
\n(e) Where the payment for export leg of the transaction precedes the payment for
\nimport leg, AD Category – I banks should ensure that the terms of payment are
\nsuch that the liability for the import leg of the transaction is extinguished by the
\npayment received for the export leg of the transaction, without any delay.
\nAD Category – I banks may note that short-term credit either by way of suppliers'
\ncredit or buyers' credit is not available for merchanting trade or intermediary trade
\ntransactions.
\n21
\n22 of 44
\nAnnex-1
\nBEF
\n(See paragraph C.10. (ii) of Section-C of Master Circular)
\nStatement showing the details of remittances effected towards
\nimport in respect of which doc<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nControl copy of the Bill of Entry for Home consumption within a reasonable period
\nof time. Where EDI system has bee implemented by customs and the importer
\nreceives only one copy of the “ex-Bond Bill of Entry” from the customs, Authorised
\nDealer bank may advise importer to submit a photocopy of the “ex-Bond Bill of
\nEntry” for home consumption after clearance of the goods from the warehouse \/
\nbond, which may be duly verified by the Authorised Dealer bank and accepted as
\nfinal evidence of import. Cases where 'Into Bond Bill of Entry' has been submitted
\nneed not be reported in BEF statement.
\nv. The statement should include details of all remittances, exceeding USD 100,000
\nfrom India or payments from abroad in connection with imports, including advance
\npayments, delayed payments, etc. irrespective of the source of funding (i.e. EEFC
\n22
\n22
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\naccounts\/foreign currency accounts maintained in India and abroad, payments out
\nof external commercial borrowings, foreign in<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nof Import from importers whose names were reported in Part I
\nof earlier BEF statement\/s
\nSr.
\nName
\nPeriod of the Date
\nAmount of
\nRemarks
\nNo.
\nand
\nBEF
\nof
\nRemittance
\naddress
\nstatement
\nreceipt
\nof
\nand
\nserial No. of
\nthe
\ntransaction
\nCurrency Rupee
\nand
\nequivalent
\nreported
\nAmount
\nearlier in
\n1
\n2
\nPart
\nI of BEF
\nstatement
\n3
\n4
\n5
\n6
\n7
\nA. Import by parties other than Public Sector Undertakings\/Government
\nDepartments
\n1
\n2
\n3
\n4
\nEtc
\nB. Import by Public Sector Undertakings \/ Government Departments
\n1.
\n2.
\n3.
\nEtc
\nNote: Transactions reported in Part II of BEF statement of earlier half-year should
\nnot be repeated in Part II of the current half-year.
\nCERTIFICATE
\ni. We certify that the particulars furnished above are true and correct as per our
\nrecords.
\nii. We further certify that the statement includes all cases which are required to be
\nreported under the prescribed procedure.
\niii. We undertake to continue to pur<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nLtd. (NDTC).
\nDate:
\nStamp:
\nSignature of the Authorised Official of the bank:
\n26
\n27 of 44
\nAnnex-3
\n{see paragraph C.13. (vi) of Section-C of Master Circular}
\n[A.P. (DIR Series) Circular No.2 dated July 9, 2004]
\nStatement of Gold Imported during the month ended………..
\nName of the Bank:
\nDate of Statement:
\nNumber of
\nGold
\n(i) Delivery
\nAgainst
\nValue of Gold Imported
\nTransactions
\nEOU\/SEZ Nom.
\n(USD million)
\n(Rs.Crore)
\nAgency\/
\nBank
\nEOU\/SEZ Nom.
\nEOU\/
\nAgency SEZ
\nNom.
\nAgency
\nBank
\nPayment
\nBasis
\n(ii) Suppliers'
\nCredit
\nBasis
\n(iii)
\nConsignment
\nBasis
\n(iv) Unfixed
\nPrice
\nBasis
\nNote:
\n1. Full details of transactions may be provided in cases where the number of
\ntransactions in respect of a single importer exceeds ten transactions in a month or
\nthe aggregate value of imports exceeds US Dollar 50 million.
\n2. Details of EOUs\/Units in SEZ and Nominated Agencies should be given
\nseparately.
\n27
\n27
\n28 of 44
\nAnnex-4
\n{see paragraph B.2. of Section B<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nSection A: Import Licence particulars
\nImport Licence
\nPrefix
\nLicence
\nNo.
\nSuffixes
\n12 12345
\nDate of Issue
\nDate of expiry
\nFace
\nAmount to
\nvalue
\nbe
\nof
\nendorsed
\nDate Month
\nYear
\nDate
\nMonth
\nYear
\nlicence (in Rs.)
\n@ Actual amount endorsed in rupees against each licence involved,
\nshould be stated under this column.
\nNote: If more than one licence is involved, particulars of all licences should be furnished. If the
\nspace is inadequate, separate statement may be attached. The amount utilised against
\neach licence should invariably be indicated.
\nSection B: Import particulars
\nInvoice Details
\nQuan
\ntity of
\nDescript
\nion
\nHarmonis
\ned
\nNo
\nTerms Curr Amount
\ngoods
\nof goods
\nSystem of
\nCountry
\nof origin
\nof goods
\nCountr
\ny
\nMode
\nof
\nand (c.i.f., enc
\nClassificat
\nfrom
\nwhich
\nshipm
\nent
\ndate f.o.b.,
\nc.&.f.
\nion
\ngood
\n(air,
\nDate of
\nshipment
\n(if not
\nknown
\napproxi-
\ns are
\nsea
\nmate
\netc.)
\nconsi
\npost,
\ndate)
\ngned
\nra<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nDeclaration to be furnished by Applicant
\nI\/We declare that
\n(a) the import licence\/s against which the remittance is sought is\/are valid and has\/have not
\nbeen cancelled by DGFT.
\n(b) the goods to which this application relates have been* imported into India on my\/our own
\naccount* will be *
\n(c) the import is on behalf of @_
\n*
\nand
\n(d) the invoice value of the goods which is declared on this form is the real value of the goods
\nimported into in India.
\n*
\nto be imported*
\nIf the Import has I\/We attach the relative Customs-stamped Exchange Control copy of Bill of Entry *
\nbeen made
\nPost parcel wrapper (for imports by post) *\/Courier Wrapper
\n(for imports through courier)*
\n30
\n30
\n31 of 44
\nDate:
\n@
\nStrike out item not applicable
\nWhere the import is on behalf of Central\/State Government Department or a
\ncompany owned by Central\/State Government\/Statutory Corporation, Local Body,
\netc. the nameof the Government Department, Corporation etc. shou<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nthe latter to submit Customs-stamped Exchange Con Control copy of Bill of Entry of Post
\nParcel\/courier wrapper within three months
\non account of documents received direct by the applicant\/s against Customs-stamped
\nExchange Control copy of Bill of Entry\/post parcel\/courier wrapper (attached) submitted by
\nthe latter
\n(v)
\n(vi)
\nto be explained)
\n(any other case,
\n31
\n32 of 44
\n(b) all the Exchange Control regulations applicable to the remittance have been
\ncomplied with
\n(c) the payment to the supplier of the goods has been* made
\nthrough
\nwill be*
\n(Name & Address of the foreign bank)
\nWe also certify\/undertake that the relevant Customs-stamped Exchange Control copy of Bill of
\nEntry or post parcel\/courier wrapper
\nshall be verified by us within three months
\n[vide certificate (a)(ii) and (iii) above].
\nhas been verified [vide certificate (a) (v) above].
\nshall be obtained from the applicant\/s within three months
\n[vide certificate (a) (<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nImport Licence
\nPrefix
\nLicence
\nNo.
\nSuffixes
\n12 12345
\nDate of Issue
\nDate of expiry
\nFace
\nAmount to
\nvalue
\nbe
\nof
\nendorsed
\nDate Mont Year
\nDate
\nh
\nMont
\nh
\nYear
\nlicence
\n(in Rs.)
\n@
\n@ Actual amount endorsed in rupees against each licence involved,
\nshould be stated under this column.
\nNote: If more than one licence is involved, particulars of all licences should be furnished. If the
\nspace is inadequate, separate statement may be attached. The amount utilised against
\neach licence should invariably be indicated.
\nSection B: Import particulars
\nInvoice Details
\nQuan
\nDescript
\ntity of
\nion
\nHarmonis
\ned
\nNo
\nTerms Curr Amount goods
\nof
\nand (c.i.f., enc
\ndate f.o.b.,
\nc.&.f.
\ngoods
\nSystem of
\nClassificat
\nCountry Countr
\nof
\ny
\norigin
\nMode
\nof
\nDate of
\nshipment
\nof
\nfrom
\nwhich
\nshipm (if not
\nent
\nknown
\nion
\ngoods
\ngood
\n(air,
\napproxi-
\ns are
\nsea
\nmate
\netc.)
\nconsi
\npost,
\ndate)
\ngned
\nrail
\nriver,
\ntransp
\nort
\nport,
\n\u00e2\u02dc\u0090\u00e2\u2013\u00ac\u00e2\u2013\u00ac\u00e2\u2013\u00ac\u00e2\u2013\u00ac<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nDeclaration to be furnished by Applicant
\nI\/We declare that
\n(e) the import licence\/s against which the remittance is sought is\/are valid and has\/have not
\nbeen cancelled by DGFT.
\n(f) the goods to which this application relates have been* imported into India on my\/our
\naccount*
\n(g) the import is on behalf of @_
\nwill be
\n*
\nand
\n(h) the invoice value of the goods which is declared on this form is the real value of the
\ngoods imported * into in India.
\n* to be imported
\nown
\n35
\n36 of 44
\nIf the
\nImport
\nhas been
\nmade
\nI\/We attach the relative Customs-stamped Exchange Control copy of Bill of Entry *
\nPost parcel wrapper (for imports by post)*\/Courier Wrapper
\n(for imports through courier)*
\nor
\nIf the
\nImport
\nhas been
\nmade
\nI\/We undertake to produce within three months to the authorised dealer the relative
\nCustoms-stamped Exchange Control copy of Bill of Entry *
\n* Strike out item not applicable
\nPost parcel wrapper (for imports by post) *\/Courier wrapper
\n(for imports<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\ncollection
\n(ii)
\n(viii)
\nin retirement of bills under Letter of Credit opened through
\nagainst documents received through our medium for
\n(iv)
\non account of documents received direct by the applicant\/s against
\nundertaking furnished by the latter to submit Customs-stamped
\nExchange Control copy of Bill of Entry of Post arcel\/courier Exchange
\nwrapper (attached) submitted by the latter
\n36
\n37 of 44
\n(V) on account of documents received direct by the applicant\/s
\nagainst Customs-stamped Exchange Control copy of Bill of Entry\/post parcel
\nwrapper (attached) submitted by the latter
\n(vi)
\n(any other case, to be explained)
\n(b)
\nall the Exchange Control regulations applicable to the remittance have been
\ncomplied with
\n(d)
\nthe payment to the supplier of the goods has been* made
\nwill be*
\nthrough_
\n(Name & Address of the foreign bank)
\nWe also certify\/undertake that the relevant Customs-stamped Exchange Control copy of Bill of
\nEntry or post parcel\/courier wrapper\n<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n(Name and address of the beneficiary of remittance)
\ninto India, detailed below:
\n38
\n38
\n39 of 44
\nDetails of goods imported or to be imported into India
\nSection A: Import Licence particulars
\nImport Licence
\nDate of Issue
\nDate of expiry
\nFace
\nValue
\nAmount
\nto be
\nof
\nendorsed
\nlicence
\n(in Rs.)
\n@
\nPrefix Licence
\nSuffixes
\nDate Month
\nYear
\nDate Month Year
\nNo.
\n1
\n2
\n1234 5
\n@ Actual amount endorsed in rupees against each licence involved, should be stated
\nunder this column.
\nNote: If more than one licence is involved, particulars of all licences should be furnished. If the
\nspace is inadequate, a separate statement may be attached. The amount utilized against
\neach licence should invariably be indicated.
\nSection B: Import particulars
\nInvoice Details
\nDescrip
\nNo.
\nand
\n(c.e.f., Ency
\ndate
\nf.o.b.,
\nTerms Curr- Amount Quantity |tion of
\nof
\ngoods
\ngoods
\nHarmoni
\nsed
\nSystem
\nCountry Country Mode
\nDate
\nof
\nfrom
\nof
\nof
\nof
\norigin
\nof
\nwhich
\nship-
\nship-
\nc& f.
\nC<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nImporter's Code Number
\n@Nationality..
\n@ To be filled in capital letters
\nNOTE: For remittances covering intermediary trade, form A2 should be used.
\nI\/We declare that
\nDeclaration to be furnished by Applicant
\nthe import licence\/s against which the remittance is sought is\/are valid and has\/have not
\nbeen cancelled by DGFT.
\nthe goods to which this application relates have been* imported into India on my\/our own
\n(a)
\n(b)
\naccount*
\n(c)
\nthe import is on behalf of @
\n(d)
\nwill be
\n*
\nand
\nIf the
\nImport
\nhas been
\nthe invoice value of the goods which is declared on this form is the real value of the
\ngoods imported * into in India.
\nto be imported*
\nI\/We attach the relative Customs-stamped Exchange Control copy of Bill of Entry
\nPost parcel wrapper (for imports by post) *\/Courier Wrapper
\n(for imports through courier)*
\n40
\n41 of 44
\nmade
\nor
\nIf the
\nimport is
\nto be
\nmade
\nDate:..
\nI\/We undertake to produce within three months to the authorised de<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nPut a
\ntick ( )
\nin the
\nrelevant
\nblock
\nCertificate to be Furnished by Authorised Dealer (Importer's Banker)
\nWe hereby certify that
\n(a) this payment is
\n(i) an advance remittance
\n(ii) in retirement of bills under Letter of Credit opened through us
\n(iii) against documents received through our medium for collection
\n(iv) on account of documents received direct by the applicant\/s against
\nundertaking furnished by the latter to submit Customs-stamped
\nExchange Control copy of Bill of Entry of Post Parcel\/courier wrapper
\nwithin three months
\n(V) on account of documents received direct by the applicant\/s against
\nCustoms-stamped Exchange Control copy of Bill of Entry\/post
\nparcel\/courier wrapper (attached) submitted by the latter
\n41
\n42 of 44
\n(vi)
\n(any other case, to be explained)
\n(b) all the Exchange Control regulations applicable to the remittance have been
\ncomplied with
\n(e) the payment to the supplier of the goods has been* made
\nthrough_
\nwill be*
\n(Name & Ad<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nAP (DIR Series) Circular No. 72 dated February 20, 2004
\nAP (DIR Series) Circular No. 2 dated July 9, 2004
\nAP (DIR Series) Circular No. 34 dated February 18, 2005
\nAP (DIR Series) Circular No. 1 dated July 12, 2005
\nAP (DIR Series) Circular No. 33 dated February 28, 2007
\n\u2022 AP (DIR Series) Circular No. 34 dated March 2, 2007
\nAP (DIR Series) Circular No. 63 dated May 25, 2007
\n\u2022
\nAP (DIR Series) Circular No. 77 dated June 29, 2007
\nAP (DIR Series) Circular No. 18 dated November 7, 2007
\nAP (DIR Series) Circular No. 37 dated April 16, 2008
\n\u2022 AP (DIR Series) Circular No. 03 dated August 4, 2008
\n\u2022
\n\u2022
\n\u2022
\nAP (DIR Series) Circular No. 08 dated August 21, 2008
\nAP (DIR Series) Circular No. 09 dated August 21, 2008
\nAP (DIR Series) Circular No. 12 dated August 28, 2008
\nAP (DIR Series) Circular No. 13 dated September 1, 2008
\nAP (DIR Series) Circular No. 15 dated September 8, 2008
\nAP (DIR Series) C<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n