Alternate Submission of professionalof Of Imports -(For listed companies - expressfacility)
R Balakrishnan
Whenever the foreign currencies is acquired and remitted, the professionalof of import by the use of examendmentcontrol copy of bill of encheck outmust be submitted to the writerised dealer. Non-submission of the professionalof of imports would invite action against the importer and the Enforcement Directorate am i able tonitiate proceedings under the erstat the same time asforeign currencies Regulation Act or under the present foreign currencies controlAct. There may well be occasions when the importer is probably not capable of submit the examendmentcontrol copy of the bill of encheck outfor one reason or other and the los angelesw makes provision in such cases for the submission of alternate evidenceof import by the use of a certification from the chartered accountant accompanied with a testimony by the importer. However, for the listed companies whose shares are listed on a stock examendmentin India, the foreign currencies controlAct makes a choseprovision under paragraph A.10.2 of the Master Circular. This write-up throws a fewremove darkness fromin this restricted facility provided to listed companies.
1. when it comes to segment10(6) of the foreign currencies controlAct, 199nine-FEMA,Tiffany and Co Double Hearts Drop Pendant Set, somebody acquiring foreign currencies is authorized to make use of it either for the aim (mainly for import of products and upkeepinto India) mentioned within the declaration made by him to a licensed dealer under segment10(5) of the Act or to make use of it for an additional purpose for which acquisition of examendmentis permissible under the said Act or Rules or Regulations framed thereunder.
2. Where foreign currencies acquired has been utilized for import of products into India,Tiffany and Co frank gehry hearts pendant black jewelry, the writerized Bank (AD) need to be sure thon the importer furnished an explanation of import to the satisfaction of the writerized dealer as laid down in paragraph A.10 of the Master Circular on import of products and repairs.
3. The submission of professionalof in respect of imports made and taken into India may well be one of the maximumfollowing documents:��
(i) Bill(s) of Encheck out- ExamendmentControl copy
(ii) Postal Wrapper
(iii) Courier Wrapper
The document in queryshould displayclearly thon the specified import for the aim for which the foreign currencies was acquired and remitted abroad has come to India.
4. the answer is equipped by the foreign currencies controlAct, 199ninestating that it's possible to submit alternate evidencefor the import of products in India within the absence of the above documents. If the importer is uncapable of submit any of the above referred documents as a result of a few reason or other, the foreign currencies controlAct, 199nineprovides for the submission of alternate evidenceof import, that is needed to be substantiated by a certificate issued by the chartered accountant confirming the receipt of the fabric and dadyment made to the related providerby following the required procedure.
5. althoughthe foreign currencies controlAct, 199nineprovides thon the professionalof of imports is to be submitted by the use of bill of encheck out- examendmentcontrol copy or postal wrapper or courier wrapper and within the absence of the documents listed above, the alternate evidenceduly supported by the chartered accountants certificate, yet the listed companies are given a chosefacility. This facility is given within the paragraph A.10.2 of the Master Circular. (you can check with the Reserve Bank of India Circular No. RBI/2006-07/26 Master Circular No. /08/2006-07, dated July 1, 2006).
6. Paragraph A.10.2 of the Master Circular states thon the writerized dealer couldaccept:��
-either examendmentcontrol copy of bill of encheck outfor home consumption or
-certificate from the executive executive officer or
-certificate from the auditor of the corporate
stating thon the nices for which remittance was made have actually been imported into India professionalvided:��
(i)-the volume of foreign currencies remitted isn't up to USD 1,000,000 (USD a million) or its equivalent,
(ii)- the importer is an organization listed on a stock examendmentin India and whose internetworth isn't not up to Rs. 100 crores as at the date of its last audited balance sheet,
or
(iii)- the importer is a public sector company or an undertaking of the federal government of India or its departments.
From the above, it's transparentthon the foreign currencies controlAct, 199ninemakes its expressprovision for listed companies for the submission of alternate evidencefor which the next two conditions are to be fulfilled:��
(a)- the corporate��s shares are listed in a stock exchange; and
(b)- the networth of the corporate to be Rs. 100 crores as per last audited balance sheet.
the companieswho're fulfilling these two requirements mayavail the power of submitting a certificate from the executive executive officer of the corporate stating thon the nices for which remittance was made have actually been imported into India and the writerized dealer would accept the similar as evidence and mark off the transactions in question. (Needless to say thon the volume of foreign currencies remitted is to be not up to a million USD)
7. Paragraph A.10.2 of the Master Circular also extrastates that this facility can also be extended to the next categories :��
(i)-autonomous bodies
(ii)-scientific bodies
(iii)-educationalinstitutions
Examples of those can be (i) Indian Institute of Science, (ii) Indian Institute of Technology, etc., whose accounts are audited by the Comptroller and Auditor General of India (CAG).
the writerized dealer banks couldinsist on a declaration from the auditor/chief executive officer of such institutions thon their accounts are audited by the Comptroller and Auditor General of India and extfinishthe above facility.
Conclusion
8.Whenever the foreign currencies is acquired and remitted, the professionalof of import by the use of ExamendmentControl copy of bill of encheck outmust be submitted to the writerized dealer. Non-submission of the professionalof of imports would invite action against the importer and the Enforcement Directorate am i able tonitiate proceedings under the erstat the same time asforeign currencies Regulation Act or under the present foreign currencies controlAct.
There may well be occasions when the importer is probably not capable of submit the examendmentcontrol copy of the bill of encheck outfor one reason or other and the los angelesw makes provision in such cases for the submission of alternate evidenceof import by the use of a certification from the chartered accountant accompanied with a testimony by the importer.
However, for the listed companies whose shares are listed on a stock examendmentin India,Tiffany and Co twist link bracelet silver, the foreign currencies controlAct makes a choseprovision for a facility in which a certificate from the executive executive officer of the corporate may well be submitted stating thon the nices for which remittance was made have actually been imported into India and the writerized dealer, according to such certificate,Tiffany and Co airplane charm pendant jewelry, can be marking off the transaction. For availing this facility,Tiffany and Co Elsa Peretti Sirius Star Pendant jewelry, the listed company��s internetworth need to be of Rs. 100 crores as per the los angelesst audited balance sheet and this facility is out there for an quantityof foreign currencies drawn as much as an quantityof USD a million or its equivalent.
This facility can also be extended by the writerized dealer to autonomous bodies including scientific bodies/educationalinstitutions whose accounts are audited by the Comptroller and Auditor General of India (CAG). the writerized dealer couldmake a declaration thon the accounts are audited by the CAG and extfinishthe above facility to those bodies.
The listed companies mayfollow this route and submit a certificate from the executive executive officer of the corporate, in case, they're uncapable of professionalvide the professionalof of imports now and then as per the master circular on import of products and repairs.
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