03 September 2011
We have recd one advance payment and we have taken FIRC from the bank. While doing the export shipment we have used another bank. We have clear the documents with the bank with shipping bill, invoice etc and the FIRC. Now issuing bank is asking us when documents has been submitted to another bank, covering letter and all other details. Please tell me what is the correct way. Why FIRC issuing bank is asking us the details of other bank.
03 September 2011
I believe the FIRC issuing bank in practice collects documents for which the inward remittance has come, only against these the FIRC is actually issued. Since the documents where not submitted to this bank, same should be the reason for the bank's concern.
However I believe one need not submit information as to when documents where submitted to other banks i.e., FIRC issuing bank should be satisfied with documents like invoice etc., itself and not the letters as you mentioned.
03 September 2011
you are advised to submit the receiving copy to this bank when you submit the GR to another bank.
The documents pertaining to export shall, within 21 days from the date of export as, as the case may be, from the date of certification of SOFTEX form, be submitted to the authorised dealer mentioned in the relevant declaration form:
it is Provided Notification No.FEMA 23 /2000-RB dated 3rd May 2000 RESERVE BANK OF INDIA
that, subject to the directions issued by the Reserve Bank from time to time, the authorised dealer may accept the documents pertaining to export submitted after the expiry of the specified period of 21 days, for reasons beyond the control of the exporter.
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