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Mamta Batra (Querist)
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10 May 2012 Dear Members

What are the consequences if the documentary evidence is not submitted within 6 months from the date of remittance?

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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11 May 2012 AD Category – I banks may permit settlement of import dues delayed due to disputes, financial difficulties, etc. Interest in respect of delayed payments, usance bills or overdue interest for a period of less than three years from the date of shipment may be permitted in terms of the directions in para C.2 of Part III below read link:

http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=6499

also noted:

Authorised dealers should forward to Reserve Bank a statement on half- yearly basis as at the end of June & December of every year, in form BEF ( Annexure VI ) furnishing details of import transactions, exceeding USD 100,000 in respect of which importers have defaulted in submission of appropriate document evidencing import within 6 months from the date of remittance. The said half-yearly statement should be submitted to the Regional Office of Reserve Bank under whose jurisdiction the authorised dealer is functioning, within 15 days from the close of the half-year to which the statement relates.

link:
http://www.sbbjbank.com/OLD/FAQ/faq_on_import.htm#3

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