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Dos and Don't Dos in Imports.




Do's

  1. Open LC or import transactions only for customers and open only if the party has got sanction limit.
  2. Allow import of restricted items as per procedure laid down in the Exim Policy.
  3. Handover import documents only to drawee or his PA holder against property acknowledgement.
  4. Allow payment for import by debit to customer’s account.
  5. Allow payment for the bills beyond six months and also allow payment of overdue interest on sight bills for a period not exceeding six months.
  6. Allow payment to local agents on commission basis. In case of overseas agent, allow commission as per FEMA guidelines.
  7. Verify the imported items under the LC.
  8. Issue amendments to LC only on the basis of written request.
  9. Verify whether the payment method in Letter of Credit is done as per FEMA guidelines or not.
  10. In case of default payment, crystallise the bill on 10th day of the month.
  11. Allow import provided goods are consigned to bank account opener.
  12. Insist for insurance cover at the time of opening the LC.
  13. Allow opening of LC on DA basis provided the Usance does not exceed more than 180 days.
  14. Allow opening of Transferable LCs provided transfer is restricted to specified second beneficiaries whose credit report is satisfactory.
    15. Verify the Letter of Credit application form to ensure whether they are properly filled and stamped.
  15. Report to the RBI (Reserve Bank of India) if the bill of entry is not received.
  16. Sell the imported goods, only after getting permission from ITC authorities.
  17. Keep one copy of shipping documents, invoice and other papers for future inspection by the custom inspector or the Reserve Bank of India.

Don'ts

  1. Issue the Letter of Credit if the customer doesn’t have IEC number.
  2. Open LC without proper transport documents.
  3. Allow advance payment without proper documentation.
  4. Forward the documents to third party without permission from the importer.
  5. Import prohibited or restricted items without import license. 
  6. Allow direct remittance of import bills beyond the limit and without EC copy of bill of entry.
  7. Open revolving LC without safety clause.
  8. Amendments to the Letter of Credit for import of those items which is either restricted or prohibited. 
  9. Allow import documents received under collection paid without verifying importers line of business and financial standing.

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What is New?

Date: 12-07-2019
ECA Circular No. 26/2015-20
Action for recovery of Penalty, Pending Appeals/Reviews

Date: 12-07-2019
Notification No. 50/2019- Customs (N.T.)
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Date: 12-07-2019
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Seeks to extend levy of anti-dumping duty till 27.10.2019, on imports of " Paracetamol" originating in or exported from china PR, extended vide notification No. 39/2018 Customs (ADD), dated the 20th August, 2018, in pursuance of order of Hon'ble High Court of Gujarat in the matter of SCA 5278/2019.

Date: 11-07-2019
A.P. (DIR Series) Circular No.2
Exim Bank's Government of India supported Line of Credit of USD 24.50 million to the Government of the Republic of Senegal

Date: 11-07-2019
A.P. (DIR Series) Circular No.1
Exim Bank's Government of India supported Line of Credit of USD 100 million to the Government of Independent State of Papua New Guinea

Date: 09-07-2019
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Import of 4 lakh MT of feed grade Maize (dent corn) under TRQ allowed

Date: 09-07-2019
Notification No. 49/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver - Reg

Date: 09-07-2019
Notification No. 28/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI-reg.

Date: 06-07-2019
Notification No. 02/2019-Central Excise
Seeks to further amend notification No. 11/2017-Central Excise dated 30th June 2017 so as to omit an entry with respect to chapter 24.

Date: 06-07-2019
Notification No. 03/2019-Central Excise
Seeks to increase the basic excise duty on specified goods in chapter 24 under section 5A of the Central Excise Act 1944.



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