RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI - 400 001
RBI/ 2004/ 65
A.P. (DIR Series) Circular No.72
February 20, 2004
To
All Authorised Dealers in Foreign Exchange
Madam/Sirs,
Foreign Exchange Management Act, 1999
Import of Goods into India – Evidence of
Import
Attention of Authorised Dealers is invited to (a) para A.11
of A.P.(DIR
Series) Circular No.106 dated June 19, 2003 and (b) item iv of the Notes
to BEF statement in the Annexure thereto, whereby they have been permitted to
accept 'Into-Bond Bill of Entry' as provisional evidence of import. Authorised
Dealers, however, have to ensure that the importer submits Exchange Control
copy of the Bill of Exchange for home consumption within a reasonable period
of time.
2. Consequent upon implementation of the EDI system by the
Customs Authorities, a revised procedure has been introduced for issue of Bill
of Entry for ex-bond clearance of goods. Under the revised procedure, Exchange
Control copy of the Bill of Entry for home consumption is no longer being issued
and only two copies of "ex-Bond Bill of Entry" are generated; one
copy is required to be submitted for clearance of goods from the warehouse and
the other copy is given to the importer.
3. It has, therefore, been decided that where EDI system
has been implemented by customs and the importer receives only one copy of the
"ex-Bond Bill of Entry" from the customs, Authorised Dealers may advise
importer to submit a photocopy of the "ex-Bond Bill of Entry" for
home consumption after clearance of the goods from the warehouse / bond, which
may be duly verified by the Authorised Dealer and accepted as final evidence
of import.
4. Authorised Dealers may bring the contents of this circular
to the notice of their constituents concerned.
5. The directions contained in this circular have been
issued under Sections 10 (4) and 11 (1) of the Foreign Exchange Management Act,
1999 (42 of 1999)
Yours faithfully,
Grace Koshie
Chief General Manager
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