Goods under bond -how to verify with customs return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2011 *What is the timelimit for keeping imported material under bond.? For a trader importing steel what are the statutory records to verify if the goods are under bond as per custom records.Can the availability &age of goods under bond be crossed checked with records /returns submitted to customs.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
Follow

05 November 2011 READ THE BELOW MENTIONED LINK:

https://customsmangalore.gov.in/faq/faq-imports.htm AND QUERY THEN..

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
Follow

05 November 2011 Imports into Bond
(i) Goods are frequently imported into bond by merchants for purpose of re-export. No import licence is required for such imports. Sales of foreign exchange against such imports are not permitted.
(ii) Reserve Bank grants special facility to firms and companies in India to import goods into bond without import licences, for supply to foreign going vessels and sale to diplomatic missions/personnel etc. subject to certain conditions. The procedure to be followed in regard to opening of letters of credit/making remittances towards cost of import of goods into bond in such cases is as follows :-

(a) The importer who has been granted the facility should advise the concerned office of Reserve Bank the name and address of the authorised dealer (designated authorised dealer) through whom letters of credit will be opened/remittances will be effected covering cost of import of goods into bond, under advice to the concerned authorised dealer.

(b) The designated authorised dealer may thereafter open letters of credit/make remittances on behalf of the importer concerned in accordance with the regulations covering import of goods into India. The importer should alongwith the application for opening remittance furnish a declaration to the designated authorised dealer that he will submit the Exchange Control copy of bill of entry for bond within three months from the date of remittance. In case of non-submission of the bills of entry designated authorised dealer should follow up with the matter with importer.

(c) While opening the letter of credit/making remittance for import of goods into bond, the designated authorised dealer should ensure that
(i) the importer holds a valid permission from Reserve Bank for import of goods into bond.
(ii) the goods sought to be imported do not fall under the list of `Prohibited Items' for import as per the Exim Policy.

(d) The designated authorised dealer should maintain a separate register to record the details of letters of credit opened/remittances effected (importer wise) in respect of such imports. The authorised dealer should also furnish to the concerned importer a monthly statement under his stamp and signature giving the following details of letters of credit opened/remittances effected during the calendar month for import of goods into bond for submission by the importer alongwith the monthly statements to Reserve Bank.
(i) Date of opening of letter of credit/remittances

(ii) Description of goods

(iii) Name & address of the supplier

(iv) Value of goods

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now