23 March 2016
If the remitted amount is below usd 10,000, submission of import bill of entry is compulsory ?? If the BOE is lost, then what should be done ? Till what time the BOE and Import related documents should be preserved as record for FEMA laws ??
The following are the provision of FEMA ,Once you submit proof of export to your banker your responsibility is over.There is no provision for keeping records.
(i) AD Category – I bank may accept, in lieu of Exchange Control Copy of Bill of Entry for home consumption, a certificate from the Chief Executive Officer (CEO) or auditor of the company that the goods for which remittance was made have actually been imported into India provided :- (a) The amount of foreign exchange remitted is less than USD 1,000,000 or its equivalent. (b) The importer is a company listed on a stock exchange in India and whose net worth is not less than Rs.100 crore as on the date of its last audited balance sheet, or, the importer is a public sector company or an undertaking of the Government of India or its departments.
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