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Role of Authorised Dealers

May freely open LC sand allow remittances for import of goods
To ensure that importers furnish evidence of import
Remittances against imports to be completed within six months
Deferred payment arrangements beyond six months and upto3 years will be considered as trade credits

Advance Remittance

Ads may permit advance remittance
If the amount exceeds $ 1,00,000, an unconditional, irrevocable standby LC or a guarantee from an international bank or guarantee of an AD in India is obtained
In case importer is unable to furnish a bank guarantee, the requirement may be waived for advance upto$ 1,000,000
PSUs/Govt departments which is not in a position to obtain a guarantee, they are required to obtain a waiver from Ministry of Finance

Evidence of Import-AD's obligation

Authorised Dealers to ensure in respect of imports exceeding $ 100,000 that
Importer submits Bill of Entry for home consumption or Bill of Entry for warehousing in case of 100% EOUs
Importer submits Custom Assessment Certificate as declared by the importer to Customs Authorities
No follow up for imports below $ 100,000
AD to acknowledge receipt of evidence of import EC copy of Bill of Entry
Internal inspectors or auditors to verify the documents evidencing import
Documents evidencing imports should be preserved for a period of one year-if there is any investigation, only with clearance from the investigating agencies
AD may accept either EC copy of BE or a certificate from CEO or auditor of the company provided the amount of foreign exchange remitted is less than $ 1,000,000 and the importer is a company listed on stock exchange in India and its net worth is not less than Rs. 100 cr

Import Evidence-Follow up

If importer does not furnish documentary evidence within 3 months involving foreign exchange $ 100,000, the AD should rigorously follow up in the next 3 months
AD to forward to RBI half yearly statement in form BEF furnishing details of transactions exceeding $ 100,000 where importer defaulted in submission of document evidencing import