Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 54
December 31, 1998 

All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

IMPORTS

Attention of Authorised Dealers is invited to the instructions contained in F.E Circular No. 16 dated 1st June, 1998 and our Circular letter No, 40/FEP - 2(47)Poly - 98 dated 2nd October, 1998 in terms of which triplicate copy of Bills of Entry is required to be submitted by the importers to the Authorised Dealers. It is advised that the Customs have since reintroduced issuance of Exchange Control Copy of the Bills of Entry. Consequently, the word "triplicate copy of Bills of Entry" wherever appearing in :

  • F.E Circular No. 16/98,

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  • Circular letter No. 40/FEP - 2(47)Poly - 98 dated 2nd October, 1998,

  • F.E. Circular No. 50 dated the 3rd November, 1998,

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  • paras 31 & 50(viii) - Chapter XIII and



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  • para 7(b) - Chapter XX

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of the Foreign Exchange Manual may be substituted by words "Exchange Control copy of Bill of Entry"

2. Further, in terms of the instructions contained in F.E. Circular No. 12 dated the 27th May, 1997, interest on usance period is remittable separately. Pursuant to the Import Policy Order 1998 this facility stands withdrawn and instructions contained in the aforesaid F.E. Circular rescinded. The Authorised Dealers will thus open L/C for imports on usance basis only subject to the conditions that such L/Cs should not stipulate payment of any amount by way of interest separately. Other instructions as contained in para 20, Chapter XIII of the Foreign Exchange Manual shall remain unchanged.

3. It has been decided by the Government to dispense with the requirement of issuance of Category Pass Book, both for commercial and industrial Importers in case of freely importable items. However, Category Pass Book will continue to be issued for those items, whose import is subject to certain conditions. Endorsement of L/C opened in original Category Pass Book will also be required in all such cases. Consequently, the following amendments in Para 29 (i) Chapter XIII of the Foreign Exchange Manual may be made:-

 

Second sentence beginning from the words "To this end" and ending at the word "Bureau" will be deleted and following sentence inserted.

 

"Authorised Dealer should also ensure to make endorsement of L/C opened for items (other than freely importable items) whose import is subject to certain conditions in the original Category Pass Book."

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4. Following amendments may also be made in F.E. Circular No. 50, dated the 3rd November, 1998:-

  1. The words "Triplicate" appearing in Para 4 (i) may be substituted by the word "Duplicate".

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  1. 1st two columns of the statement (Annexure 'B' - CREDIT IMPORTS) be deleted and columns renumbered from 1 to 8.

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  1. The last sentence of para 3 of the Circular starting from "However" and ending at "balance" may be deleted.

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