7A.20
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(i)
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It is obligatory on the part of importers
to submit Exchange Control copy of
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Bills of Entry for Home Consumption/Postal/Wrappers
to the authorised
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dealer hrough whom relative remittance was
made as evidence that the goods for which the payment was made have actually
been imported into India. Authorised dealer should ensure that in all
cases, including cases of advance remittances permitted vide paragraph
7A.10, these are submitted by their importer customers and are verified.
In respect of imports made on D/A basis, since goods would normally be
cleared before the due date of payment, authorised dealers should insist
on production of documentary evidence of import i.e. Exchange Control
copy of Bill of Entry for Home Consumption/Postal/Wrappers at the time
of effecting remittance of the import bill. Authorised dealers should
also advise this requirement to their importer customers in writing while
delivering the documents against acceptance.
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NOTES:
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A.
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In case of goods imported and stored by 100%
Export Oriented Units/Units in Export Processing Zones and Free Trade
Zones in bonded warehouses, it will be in order for authorised dealers
to accept Exchange Control (quadruplicate) copy of Into Bond Bill of Entry
for Warehousing as evidence of import.
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B.
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As regards submission of evidence in respect
of imports by courier services, please see paragraph 7A.23.
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C.
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In respect of imports on D/A basis if importers
fail to produce documentary evidence due to genuine reasons such as non-arrival
of consignment, delay in delivery/customs clearance of consignment, etc.
authorised dealers may, on merits, allow reasonable time not exceeding
three months from the date of remittance to the importer to submit the
evidence of import.
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(ii)
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Authorised dealers should in all cases acknowledge
receipt of Exchange
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Control copy of bill of entry/postal/wrappers
from importers by issuing acknowledgement slips containing the following
particulars:
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(a)
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Importer's full name and address with code
number.
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(b)
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Import licence number and date (wherever
applicable)
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(c)
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Bank's reference of letter of credit number
etc., if any.
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(d)
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Number and date of Exchange Control copy
of bill of entry/postal wrapper and the amount of import.
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(e)
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Particulars of goods imported.
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(iii)
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Internal inspectors or auditors (including
external auditors appointed by
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authorised dealers) should carry out 100%
verification of all the Exchange Control copies of bills of entry/postal/wrappers
and a certificate to that effect should be forwarded, on half-yearly basis,
to the office of Reserve Bank under whose jurisdiction the authorised
dealer is situated.
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(iv)
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In case an importer does not furnish the
Exchange Control copy of Bill of
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Entry within three months from the date of
remittance (or within prescribed period as provided in paragraph 7A.10),
the authorised dealer should issue a reminder to the importer asking him
to roduce it forthwith. If there is still no response, a reminder by registered
post with acknowledgement due should be issued not later than one month
from the date of the first reminder.
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(v)
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Authorised dealers should forward to Reserve
Bank a statement as at the end
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of each calendar quarter in form BEF furnishing
details of import transactions in respect of which the importers have
defaulted in submission of Exchange Control copies of Bills of Entry within
a period of 21 days from the date of issue of registered (acknowledgement
due) reminder. The quarterly statement should be submitted to Reserve
Bank within 15 days from the end of the quarter to which the statement
relates.
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(vi)
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Exchange Control copy of Bill of Entry for
Home Consumption/postal wrappers
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should be preserved by authorised dealers
for a period of one year from the date of its verification as required
under paragraph (iii) above. However, in respect of cases which are under
investigation by investigating agencies, the Exchange Control copy of
Bill of Entry for Home Consumption/postal wrappers should be preserved
till the investigating agency concerned gives clearance for destruction.
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