All
Authorized Dealers in
Foreign Exchange,
Dear
Sirs,
IMPORT
OF FREE LIST ITEMS ON
CONSIGNMENT BASIS
In terms of Para 2(I) of
F.E. Circular No.86 dated the 5th September, 1990, contract
for import on consignment basis against import Licenses
is to be registered by the Authorized Dealers whose name
appears on the import license. A question has been raised
whether the importers desirous of making imports of free
list items on consignment basis can get the contracts registered
with a bank other than the bank holding the original category
pass book.
2. It is clarified that
the Authorized Dealers are permitted to handle such imports
for their customers whose original category pass books are
held with other bank provided the customer holds valid registration
with the CCI&E as an importer. To this end, authenticated
photo copies of the category pass books may be had from
the bank with which the original one is kept. It should
be noted that the above instructions would apply only to
the "freely importable items" which are exempt
from Import License requirement.