25 March 2021
Can anyone suggest in case of lost bill of Entry ( Exchange Control Copy) if i would like to make import payment with the duplicate copy of BOE duly signed and stamped by Deputy commissioner with the message for bank purpose only , will it be a legit document for import payment or AD bank still needs to obtain RBI Approval - looking forward your quick response
12 July 2024
If you have lost the original Bill of Entry (Exchange Control Copy) for an import transaction and are considering using a duplicate copy duly signed and stamped by the Deputy Commissioner with a note for bank purposes, here are the considerations:
### Legitimacy of Duplicate BOE for Import Payment:
1. **Acceptance by AD Bank**: - AD Banks (Authorized Dealer Banks) are responsible for verifying and accepting import documents for processing import payments. - The acceptance of a duplicate BOE depends on the policies and guidelines of the specific AD Bank and regulatory requirements.
2. **Regulatory Requirements**: - RBI (Reserve Bank of India) regulations govern import payments and typically require submission of original documents, including the Exchange Control Copy of the Bill of Entry, for verification. - In cases of lost documents, RBI may permit the use of duplicate documents under specific conditions, but this usually requires prior approval.
3. **Procedure for Lost Documents**: - If you have lost the original BOE, you should immediately inform the customs authorities and request a duplicate copy. - The duplicate copy should ideally be marked and certified as a true copy by the customs authority, stating it is issued for bank purposes only.
4. **Approval from RBI**: - In many cases, AD Banks will require explicit approval from RBI for processing import payments based on duplicate documents. - The duplicate BOE, even if certified by customs, may not suffice without RBI’s approval, especially for large transactions or where significant amounts are involved.
### Recommendations:
- **Contact AD Bank**: It's advisable to directly contact the AD Bank handling your import payments. They can provide specific guidance on their requirements and whether RBI approval is necessary.
- **Customs Authority**: Consult with the customs authority where the goods were cleared to obtain the certified duplicate BOE and inquire about any additional procedures or requirements.
- **RBI Approval**: If the AD Bank requires RBI approval, initiate the process promptly by submitting a formal request to RBI through the AD Bank.
### Conclusion:
While a duplicate BOE certified by customs may serve as a temporary measure for import payment purposes, the final decision rests with the AD Bank and may require RBI’s approval. Ensure you comply with all regulatory requirements and seek guidance from both customs and the AD Bank to facilitate smooth processing of your import payment transaction.
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