Bill of entry submission in bank

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Querist : Anonymous

Querist : Anonymous (Querist)

03 December 2011 after remittance we imported goods,and paid custom duty, Which types/what attach documents required while submission in bank for BOE.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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03 December 2011 All imports now fall into one of the following four categories:
1.freely importable items; Most capital goods fall into this category. Items in this category do not require import licences and may be freely imported by any individual or entity.

2.licensed imports; Certain items can be imported only with licences and only by actual users. The current "negative list" of items in this category includes several broad product groups that are classified as consumer goods; precious and semi-precious stones; products related to safety and security; seeds, plants and animals; some insecticides, pharmaceuticals and chemicals; some electronical items; several items reserved for production by the small-scale sector; and 17 miscellaneous or special-category items. In April 1993 the government ended licensing requirements for several agricultural items, including prawns, shrimp and poultry feed.

3.canalised items; Items under this category can be imported only by specified public-sector agencies. These include petroleum products (to be imported only by the Indian Oil Corporation); nitrogenous phosphatic, potassic and complex chemical fertilizers (by the Minerals and Metals Trading Corporation) vitamin- A drugs (by the State Trading Corporation); oils and seeds (by the State Trading Corporation and Hindustan Vegetable Oils); and cereals (by the Food Corporation of India).

4.prohibited items; Only three items-tallow fat, animal rennet and unprocessed ivory-are completely banned from importation.

PLESE NOTED THAT EXCHANGE CONTROL COPY , IMPORT INOICE, B/L SUBMIT IN BANK .

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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03 December 2011 Advance Remittance

7A.10
Authorised dealers may allow advance remittances for import of goods without any ceiling subject to the following conditions :

(a)
Documentary evidence indicating the cost of the goods and the insistence of the overseas seller on advance payment should be submitted by the importer.

(b)
The importer should hold the EC copy of a valid import licence if the goods to be imported are those included in the negative list of imports given in the Export and Import Policy.

(c)
Remittance is made direct to the suppliers.

(d)
If the amount of advance remittance exceeds U.S.$ 25,000 or its equivalent, a guarantee from an international bank of repute situated outside India or a guarantee of an authorised dealer in India, if such a guarantee is issued against the counter-guarantee of an international bank of repute situated outside India, should be obtained. An unconditional standby L/C from an international bank of repute situated outside India may be accepted in lieu of bank guarantee provided it is irrevocable, non-transferable and lists out full particulars of the transactions and there is a clear provision for prompt payment being received in convertible currency in an approved manner. The validity of the guarantee/letter of credit should cover adequately the period for the purpose of enforcing payment.

(e)
Physical import of goods into India should be made within three months (twelve months in case of capital goods) from the date of remittance and the importer should give an undertaking to furnish documentary evidence of import within fifteen days from the close of the relevant period. Authorised dealers may allow extension of time for import not exceeding one month (three months in the case of capital goods) provided the reasons for seeking extension of time are found convincing. In cases where the advance remittance has been made against a bank guarantee, the guarantee should be suitably amended, if need be, to cover the extended period for import of goods into India.

(f)
In case of import of capital goods, certified copy of importer's contract with the supplier or any other evidence indicating terms of payment should be submitted.

(g)
In the case of import of books, a list of books to be imported should be obtained. This should be attached to the form A1 while submitting it along with the relevant R return.

(h)
Authorised dealer should ensure that in the event of non-import of goods, the amount of advance remittance is repatriated to India.

http://www.rbi.org.in/scripts/ECMUserView.aspx?Id=32#a_9a

Querist : Anonymous

Querist : Anonymous (Querist)

03 December 2011 Dear Ramesh Kumar Verma,
we have all import/Export authority.
but after goods declaration by custom and paid custom duty, freight etc.

main point:-
- which types/what document required when submitted in bank.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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03 December 2011 PLESE NOTED THAT EXCHANGE CONTROL COPY , IMPORT INOICE, B/L SUBMIT IN BANK ALONGWITH TR-6 CHALLAN.

Querist : Anonymous

Querist : Anonymous (Querist)

04 December 2011 Thanks Mr. Ramesh,
This things we have problem create as per performa invoice value USD. 9580.00 We remittance USD. 9580.00, but order change and we received goods value USD. 9586.00, and we paid all custom duty etc. on actual value USD. 9586.00, when bill of entry submissions in bank, bank don't accept BOE. Bank ask for USD. 6.00.
Plz suggest we.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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05 December 2011 bank intention is right. in this case please submit all the transactions between seller & buyer to bank .i.e. emaIL, COPY OF PURCHASE ORDER,

in this regards, ALSO SUBMIT a request letter explaining to bank.