26 September 2013
Dear Sir, Exchange control copy submission to bank is not mandatory if your payment below USD $ 1 Lakh, this information corrects or not.
27 September 2013
RBI/2012-13/13Master Circular No.13 /2012-13(Updated as on October 05, 2012)July 02, 2012
Evidence of import in lieu of Bill of Entry
(i) AD Category – I bank may accept, in lieu of Exchange Control copy of Bill of Entry for home consumption, a certificate from the Chief Executive Officer (CEO) or auditor of the company that the goods for which remittance was made have actually been imported into India provided :-
(a) the amount of foreign exchange remitted is less than USD 1,000,000 or its equivalent,
(b) the importer is a company listed on a stock exchange in India and whose net worth is not less than Rs.100 crore as on the date of its last audited balance sheet, or, the importer is a public sector company or an undertaking of the Government of India or its departments.
(ii) The above facility may also be extended to autonomous bodies, including scientific bodies/academic institutions, such as Indian Institute of Science / Indian Institute of Technology, etc. whose accounts are audited by the Comptroller and Auditor General of India (CAG). AD Category – I bank may insist on a declaration from the auditor/CEO of such institutions that their accounts are audited by CAG.
CAclubindia
