Please refer to Para 7.3 of BSD Circular No. 35 dated
September, 28, 2001 along-with other instructions issued
from time to time on the captioned subject.
2.
It has been noticed that some of the exporters, instead
of submitting Bill of Lading/ Airway Bill, submit House
Bill of Lading or House Airway Bill alongwith Forwarder’s
Cargo Receipts (FCRs) to their bankers as a confirmation
of shipments of their goods against which refinance has
been obtained. The said documents are not valid documents
presently for showing performance against refinance loans
availed under the scheme at pre-shipment stage.
3.
It has now been decided that in cases where Forwarders
Cargo Receipts (FCRs) are submitted in lieu of copy of
B/L or AWB, the same may be accepted as proof of shipment
under the Scheme, provided further that such document
is backed by i) Letter of Credit specifically requiring
submission of FCRs and ii) Mate’s Receipts (M. R.
– where shipment is by sea) or Export General Manifest
(EGM – where shipment is by air) and that iii) export
proceeds thereof have been realized in relation to the
shipment involved. Thus when export proceeds are not realized
as per time frame prescribed by our Exchange Policy Department
the shipment will be treated as irregular. The existing
Para 7.3 has, therefore, been revised and is attached
as an Annexure to this circular letter.
4. Other instructions on the subject shall remain unchanged.