|
Evidence of Import
A. P. (DIR Series) Circular No. 15 dated 9th
September 2002
Attention
of authorised dealers is invited to paragraph A.17 (ii) & (iv) of the
Annexure to A.P. (DIR Series) Circular No. 9 dated August 24, 2000, in terms of
which in case of all imports, except import through couriers, where value of
foreign exchange remitted/ paid for import into India exceeds USD 5000 or its
equivalent, it is obligatory on the part of the authorised dealers through whom
the relative remittance was made to ensure that the importers submits the
documentary evidence prescribed therein.
2.
It has now been decided to enhance the amount of USD 5000 prescribed in
paragraph 17 (ii) & (iv) referred to above to USD 25,000 for all imports
made into India through Post or otherwise. Consequent upon this change,
authorised dealers should ensure rigorous follow-up for non-submission of
documentary evidence as prescribed in paragraph A.18 (i) of the circular
referred to above in respect of remittances involving foreign exchange exceeding
USD 25,000. Henceforth the authorised dealers should forward to Reserve Bank a
statement of half yearly basis at the end of June and December of every year, in
Form BEF furnishing details of Import transactions, exceeding USD 25,000 as
prescribed in paragraph A.18 (ii) of the Circular IBID.
3.
Similarly, where the amount of foreign exchange remitted for import is
less than USD 1,00,000 or its equivalent, authorised dealers may accept, either
Exchange Control copy of Bill of Entry for home consumption or a certificate
from the Chief Executive Officer (CEO) or Auditor of the Company that the goods
for which remittance was made have actually been imported into India, provided;
(i)
the importer is a company listed on a stock exchange in India and whose
net worth is not less that 100/- Crores as on the date of last audited balance
sheet, or
(ii)
the importer is a Public Sector Company or an Undertaking of the
Government of India or its Departments.
4.
Authorised Dealers may bring the contents of this circular to the notice
of their constituents concerned.
5.
The directions contained in the Circular have been issued under Section
10(4) and Section 11(1) of the Foreign Exchange Management, 1999 (42 of 1999).
|