|
Evidence of Import
A.P.
(DIR Series) Circular No. 57 dated 27th November 2002
Attention
of all authorised dealers is invited to paragraph 3 of the AP (DIR Series)
Circular No. 15 dated September 9, 2002 in terms of which in cases of imports
into India where the amount of foreign exchange remitted 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 than Rs. 100/- crores 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.
2.
It has been decided to extend the above facility 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). Accordingly, it will be in order
for authorised dealers to accept the documentary evidence as indicated in
paragraph 3 of the circular dated September 9, 2002, referred to above from such
autonomous bodies together with a declaration from the auditor/ CEO of such
institutions that their accounts are audited by CAG.
3.
Authorised dealers may please bring the contents of this circular to the
notice of their constituents concerned.
4.
The directions contained in this circular have been issued under Section
10(4) and Section 11(1) of the Foreign Exchange Management Act 1999 (42 of
1999).
|