Banking method to verify and preserve of documents under Imports in India

Posted on 29 March 2023 Category : RBI rules

Bank formalities in India on preserve of documents under Exports to India

According to Reserve Bank of India update as on 31st May, 2022, the directions on Banking method to verify and preserve of documents under Imports in India is given below:

C.9. Verification and Preservation

(i) Internal inspectors and IS auditors (including external auditors appointed by AD Category – I bank) should carry out verification and IS audit and assurance of the “BOE Settlement” process in IDPMS. Data and process followed by AD Category –I bank for “BOE Settlement” should be preserved in terms of the guidelines under Cyber Security Framework in the bank.

(ii) Internal inspectors or auditors (including external auditors appointed by AD Category – I bank) should carry out verification of the documents evidencing import other than which are available in IDPMS, e.g. Exchange Control copies of Postal Appraisal Forms, or Customs Assessment Certificates, etc.

(iii) Documents evidencing import into India should be preserved by AD Category – I bank for a period of one year from the date of their verification. However, in respect of cases which are under investigation by investigating agencies, documents, and/or data, process may be destroyed only after obtaining clearance from the investigating agency concerned.

C.10. Follow-up for Import Evidence

(i) In case an importer does not furnish any documentary evidence of import, as required under paragraph C.7. of Section III, within 3 months from the date of remittance involving foreign exchange irrespective of value, the AD Category – I bank should rigorously follow-up for the next 3 months, by using various modes of communications. It should, however, be ensured that atleast one communication with the importer in this regard is by issuance of registered letter.

(ii) In IDPMS, all outstanding import remittances, irrespective of the amount involved, should be reported by the AD Category-I banks. Further, submission of a separate BEF Statement by the AD Category-I bank would be required till the half year ended December 2017 and discontinued thereafter.

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