EXCHANGE CONTROL GUIDELINES FOR IMPORT and EXPORT in INDIA

 

EXCHANGE CONTROL GUIDELINES FOR IMPORT and EXPORT in INDIA

 

EXCHANGE CONTROL GUIDELINES FOR IMPORT and EXPORT in INDIAThe following guidelines have to be followed while negotiating the documents by banks as well as exporters in drawing the documents.

(a) Documents through Authorised dealer All documents relating to exports have to be routed through the authorised dealer. The documents are allowed to be sent to the buyer, directly, only with the approval of RBI, provided advance payment has been received for full value of the consignment.

(b) Realization through Authorised dealer Payment against exports should be realised through authorised dealer of foreign exchange. Exporter is not allowed to receive the payment directly from the buyer in the form of cheque, draft, currency, foreign currency traveler cheque, unless permitted by RB and to the extent allowed.

(c) Payment within six months

Usance bills should not be drawn for more than six months. Exporter should obtain prior approval of RBI to extend credit for more than six months.

(i) Drawal of Invoice and bill of exchange: Invoice and Bill of Exchange should be drawn for the amount of shipment declared in GR/SDF/PP forms.

(ii) Change of Buyer: The exporter can change the buyer. In such circumstances, fresh Bill of Exchange has to be drawn on the new buyer even for a reduced value of invoice.

iii) Presentation of Shipping Documents: Shipping documents should be presented to the banker for negotiation within 21 days from the date of shipment. If the documents are presented with delay, exporter has to produce necessary documentary evidence as proof for delay. If the evidence is satisfactory, then only bank negotiates the documents.

(d) Export of jewellery In case of export of jewellery, GR form is to be countersigned, in advance, by the authorised dealer. In such a case, documents are to be negotiated within five days from the ate of countersignature.

 

 

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