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,
-
Circular
letter No. 40/FEP - 2(47)Poly - 98 dated 2nd October,
1998,
-
F.E.
Circular No. 50 dated the 3rd November, 1998,
-
paras
31 & 50(viii) - Chapter XIII and
-
para
7(b) - Chapter XX
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facility stands withdrawn and instructions contained in
the aforesaid F.E. Circular rescinded.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."
4.
Following amendments may also be made in F.E. Circular No. 50, dated the 3rd November, 1998:-
-
The
words "Triplicate" appearing in Para
4 (i) may be substituted by the word
"Duplicate".
-
1st
two columns of the statement (Annexure 'B' - CREDIT
IMPORTS) be deleted and columns renumbered from 1
to 8.
-
The
last sentence of para 3 of the Circular starting from
"However" and ending at "balance"
may be deleted.