All
Authorized Dealers
In Foreign Exchange,
Dear
Sirs,
IMPORTS
Please
refer to the instruction issued vide F.E.
Circular No. 91 of 1992 in terms of which the requirement
of submission of the exchange control copy of the Bill of
Entry was dispensed with. It has been decided with immediate
effect that in respect of imports valued at US$ 50,000/-
(and equivalent in other currencies) and above, the importers
will be required to submit the Triplicate Custom's copy
of the Bill of Entry to the Authorised Dealer through whom
the remittance has been effected. For this purpose, the
Authorised Dealers will obtain the following additional
undertaking from the importers at Serial No. 3 of the 'I'
Form:-
"I/We
further undertake to surrender the Triplicate Customs
copy of the Bill of Entry covering the above goods to
you within four months from the date of remittance".
2. The undertaking
will not be required in case of imports made by the Public
Sector agencies. The Authorised Dealers will forward all
Bills of Entry to the office of the Foreign Exchange Department
under whose jurisdiction they are functioning quoting reference
of the schedule on which the outward remittance was reported.
All cases of non-submission of the Bills of Entry shall
be reported to the Foreign Exchange Department concerned
on monthly basis in the Performa enclosed.