GR, Guaranteed Remittance

 

Guaranteed Remittance (GR) Form

GR Form is an exchange control document required by the Reserve Bank of India (RBI). As per the exchange control regulations, an exporter has to realise export proceeds within 180 days of the shipment of goods from India. In order to ensure this, the RBI has introduced the GR procedure.

GR form is to be submitted in duplicate to the Customs at the port of shipment along with a copy of shipping bill. Customs gives their running serial number on both the copies after admitting the customs shipping bill. Customs authorities then certify the value declared by the exporter on both the copies of GR form at the space earmarked and also record the assessed value of the goods. Then, they return the duplicate copy of the GR form to the exporter and retain the original for transmission to the RBI. The exporter is required to lodge the duplicate copy of GR form along with the relative shipping documents with the authorised dealer named in the GR form for negotiation of export bills within 21 days from the shipment of goods.

After the documents have been negotiated, the authorized dealer will report the transaction to the RBI. The duplicate copy of GR form together with copy of invoice will be retained by the authorizes dealer till full export proceeds have been realised and thereafter submitted to the RBI.

On account of introduction of Electronic Data interchange (EDI) System at certain customs offices where shipping bills are processed electronically, the existing declaration in GR from has been replaced by a declaration in form statutory declaration form (SDF) .

 

 

 

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