C.

Statements

(22)

Foreign airline companies operating in or through India or their agents in India should forward to Reserve Bank through their bankers a monthly statement (in duplicate) of their passage and freight collections and disbursements made therefrom in form SPM 1 during the month, duly signed by the Chief Executive of the airline company in India. The statement should be submitted irrespective of whether remittance of surplus funds out of India is intended to be applied for or not. (One copy of the statement will be forwarded to Reserve Bank by the concerned bank in the manner laid down in paragraph 8B.1 of the Manual).

(23)

Foreign shipping companies operating in or through India or their agents in India should forward directly to Reserve Bank a voyage-wise statement in form SPM 2 giving details of passage and freight collections and disbursements made for the vessel belonging to the foreign shipping principal. The statement should be submitted irrespective of whether remittance of surplus funds out of India is intended to be applied for or not.

(23A)

Foreign shipping companies operating feeder services in or through India or their agents should forward directly to the Reserve Bank, voyagewise statement in form SPM 4 giving details of passage and freight collections and disbursements made for the vessel belonging to the foreign shipping principal. The statement should be submitted irrespective of whether remittance of surplus funds out of India is intended to be applied for or not.

(24)

Indian airline/shipping companies should submit to Reserve Bank a monthly statement in form SPM 3 giving details of passages booked for journeys which are partly or wholly outside India and freight collections in India on goods exported from or imported into India or transhipped at Indian ports.

D.

Maintenance of Records

(25)

Section 33 (2) of FERA 1973 empowers the Reserve Bank to require any person to furnish any information, book or other document in his possession. Airline/shipping companies and their agents should, therefore, maintain proper records and books in respect of their business and in support of the particulars furnished in the statements submitted by them to Reserve Bank and preserve them at least for a period of six months for being forwarded to Reserve Bank for inspection when called upon to do so.

(26)

Passage/freight collections should be credited to Non-resident account of the foreign shipping company or in the name and account of the agent styled - 'Name of the Agent - A/c. Name of the foreign shipping company'. Miscellaneous charges covering local expenses of the agent should be kept separately and not credited to the above account.