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Annexure
Section-B
Merchanting Trade
Authorised dealers may take necessary precautions in handling merchanting trade transactions or intermediary trade transactions to ensure that (a) goods involved in the transactions are permitted to be imported into India, (b} such transactions do not involve foreign exchange outlay for a period exceeding three months, and (c) all rules, regulations and directions applicable to export out of India (except Export Declaration Form) are complied with in respect of the export leg and all rules, regulations and directions applicable to import (except Bill of Entry) are complied with in respect of the import leg of merchanting trade transactions. Authorised dealers are also required to ensure timely receipt of payment for the export leg of such transactions.
Section - C
Import of Currency
Import of currency, including cheques, is governed by clause (g) of sub-section (3) of Section 6 of the Foreign Exchange Management Act, 1999, and the Foreign Exchange Management (Export and Import of Currency) Regulations 2000, made by Reserve Bank vide Notification No.FEMA 6/RB- 2000 dated May 3,2000 and No.FEMA 38/RB-2001 dated February 27,2001.
BEF
(See paragraph A. 11)
Statement showing the details of remittances effected towards import in respect of which documentary evidence has not been received despite reminders
Name and address of AD branch -----------------------------------------------------
Name ofControllingOffice of AD branch ---------------------------------------------
Statement for the half-year ended ----------------------------------------------------
NOTES:
i. The statement should be submitted in duplicate, to the Regional Office of Reserve Bank under whose jurisdiction the A.D. branch is functioning.
ii. Details of transactions where the amount of remittance exceeds USD 25000 or its equivalent should only be included in the statement.
iii. In cases where, at the time of advance remittance, purpose of remittance was as import and subsequently the exchange has been used for other purpose for which sale of exchange is permissible, and a document to the satisfaction of authorised dealer has been produced, such cases should not be treated as default and hence be excluded from the BEF statement.
iv. Authorised dealers may accept1nto Bond Bill of Entry' as a provisional evidence of import into India. However, they may ensure submission of Exchange Control copy of the Bill of Entry for Home consumption within a reasonable period of time. Wherever 1nto Bond Bill of Entry' has been submitted, such cases need not be reported in BEF statement.
v. The statement should include details of all remittances, exceeding USD 25,000 from India or payments from abroad in connection with imports, including advance payments, delayed payments, etc. irrespective of the source bf funding (i.e. EEFC accounts/foreign currency accounts maintained in India and abroad, payments out of external commercial borrowings, foreign investments in the shares of importers etc.)
vi. The cases reported in Part I of statement for the previous half-year should not be reported again in Part I of the statement for the current half-year.
vii. In case no transaction is required to be reported, 'NIL' statement should be submitted.
viii. Statement should be submitted within 15 days from the close of the half-year to which it relates.
Part I
Information regarding importers who have defaulted in submission of the documentary evidence of import
| Sl.No. |
Importer/ Exporter Code No |
Name & Address of the Importer |
No. and date of import
licences, if any |
Brief description of goods |
Date of remittance / payment |
Currency and amount |
Rupee equivalent |
Remarks |
| 1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
| A. Import by parties other than Public Sector Undertakings / Government
Departments |
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| B. Import by Public Sector Undertakings / Government Departments |
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Part II
Information regarding subsequent receipt of documentary evidence of Import from importers whose names were reported in Part I of earlier BEF statement / s
| Sl.No |
Name & Address of the importer |
Period of the BEF statement and serial No.of the transaction reported earlier in Part I of BEF statement |
Date of receipt |
Amount of remittance |
Ramarks |
| Currency & Amount |
Rupee equivalent |
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| A. Import by
parties other than Public Sector Undertakings / Government Departments |
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| B. Import by
Public Sector Undertakings / Government Departments |
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C E R T I F I C A T E
I We certify that the particulars furnished above are true and correct as per our records.
II We further certify that the statement includes all cases which are required to be reported under the prescribed procedure
III we undertake to continue to pursue the cases with the importers reported in Part I of the statement
Stamp
(Signature of the Authorized Official)
Place :
Date :
Name :
Designation :
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