|
Foreign Exchange Management Act- 1999 Import of Goods into India
Attention of authorised dealers is invited to the Annexure to A.P.{DIR Series) Circular No.9 dated August 24. 2000 containing directions to be followed by authorised dealers while dealing with applications relating to import of goods into India. With a view to liberalising and simplifying the procedure for import, existing guidelines have been reviewed and the revised directions are laid down in the Annexure to this circular.
2. As import trade is regulated by the Directorate General of Foreign Trade(DGFr) under Ministry of Commerce & Industry, Department of Commerce, Government of India, authorised dealers, while undertaking import transactions, should ensure that the imports into India are in conformity with the Export Import Policy in force and Foreign Exchange Management (Current Account Transactions) Rules, 2000 framed by Government of India vide Notification No. G.S.R.381 (E) dated May 3, 2000 and the directions issued by Reserve Bank under Foreign Exchange Management Act from time to time.
3. Authorised dealers have to follow normal banking procedures and adhere to the provisions of Uniform Customs and Practices for Documentary Credits (UCPDC), etc. while opening letters of credit
for import into India on behalf of their constituents. In respect of import of drawings and designs, compliance with the provisions of Research & Development Cess Act, 1986 may be ensured.
Authorised decalers may also advise importers to ensure compliance with the provisions of Income Tax Act, wherever applicable.
4. Authorised dealers may bring the contents of this circular to the notice of their constituents concerned.
5. The directions contained in this circular have been issued under Section 10(4) and Section 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999).
Sd/-
Grace Roshie
Chief General Manager
Issued by:
Reserve Bank of India
Exchange Control Department
Mumbai
Annexure
- Section A
Annexure
- Section B & C
|
