| Date: |
02-03-2001
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| Notification No: |
RBI A P D (Series)Circular No 27/2001
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
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| Subject: |
Export of Goods and Services - Forwarder’s Cargo Receipt
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Export of Goods and Services - Forwarder�s Cargo Receipt
1.
Attention of authorised dealers is invited to paragraph B.5 of the
annexure to A.P. (DIR Series) Circular No. 12 dated September 9, 2000, in terms
of which they may negotiate House Airways Bills (HAWBs) issued by consolidating
Cargo Agents, only if the relative letter of credit specifically provides for
negotiation of HAWB, in lieu of Airway Bills issued by the airline company. It
has now been decided that authorised dealers may also accept Forwarder�s Cargo
Receipts (FCR) issued by IATA approved agents, in lieu of bill of lading, for
negotiation/collection of shipping documents, in respect of export transactions
backed by letters of credit, only if the relative letter of credit specifically
provides for negotiation of this document, in lieu of bill of lading. Further,
the relative sale contract with the overseas buyer should also provide that FCR
may be accepted in lieu of bill of lading as a shipping document.
2.
Authorised dealers may bring the contents of this circular to the notice
of their constituents concerned.
3.
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). Any contravention or non-observance of these directions is subject to the
penalties prescribed under the Act.
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