Relaxation in submission of bill of entry

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 July 2012 Dear SIr,

We have to submit Exchange Control copy of Bill of Entry in case of advance remittance for import i.e., in both case TT Advance and advance after shipment.

Is there any circular/notification for relaxing the submission of Bill of Entry if the value of each payment in less than 25000 USD or 20000 USD?

If yes please provide the link of the notification / circular.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)

09 July 2012 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.

READ LINK:

https://www.rbi.org.in/scripts/ECMUserView.aspx?Id=32&CatID=10

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